Companies featured in this edition of the newsletter: IMNP
This week investors focused on commentary from central banks, considering the Federal Reserve, Bank of Japan, Bank of England, and Swiss National Bank all held their policy meetings. The fed funds futures market has started to get comfortable with the theory that there will be no rate hikes in 2016,with pricing just in a 45.0% chance of a rate hike in December. The Dow finished the week down 190 points or -1.1% at 17,675 from 17,865 last week, and it is up 1.4% for the year. The tech heavy Nasdaq underperformed, falling -1.9% as it dropped 94 points to 4,800 from 4,894, and it is down -4.1% for the year. After spending two weeks inside narrow ranges, the stock market faced selling that resulted in the S&P 500 surrendering 1.2% for the week. It finished the week at 2,071 down -25 points from 2,096, and it is up 1.3% for the year. The Russell 2000 finished the week down 19 points or -1.6% at 1,144 from 1,163 last week, and it is up 0.8% for the year.
In economic news, import prices increased 1.4% in May due primarily to higher fuel prices. Excluding fuel, they were up 0.3%. Retail sales increased 0.5% in May while retail sales excluding autos increased 0.4%. Core retail sales, which exclude auto, gasoline station, building equipment, and food services sales, were up 0.4% after a 1.0% increase in April. Total business inventories increased 0.1% in April after a downwardly revised 0.3% increase in March. The Producer Price Index for final demand increased 0.4% in May while the index for final demand, less food and energy, increased 0.3%. After showing a spike in April, the Industrial Production report for May disappointed, declining 0.4%, capacity utilization was also short of estimates, hitting 74.9%. The Consumer Price Index for May didn’t generate any negative headline surprises. The all items index was up 0.2% while the index for all items less food and energy also increased 0.2%, as expected.
Initial claims increased 13,000 for the week ending June 11 to 277,000, and continuing claims for the week ending June 4 increased by 45,000 to 2.157 million. The Philadelphia Fed Index jumped almost seven points to 4.7 in June, and in doing so, it bumped the index out of contraction mode. Housing starts decreased 0.3% to a seasonally adjusted annual rate of 1.164 million in May from a revised April estimate of 1.167 million. Building permits increased 0.7% to 1.138 million from a revised April rate of 1.130 million.
In earnings news, Kroger reported 1Q 2016 net earnings of $680 million or $0.70 per diluted share compared with $619 million or $0.62 per share last year. Oracle reported fiscal 2016 4Q GAAP net income of $2.8 billion or $0.66 per diluted share compared with $2.7 billion or $0.62 per share in the same quarter of 2015.
This week the Jefferies 2016 Global Consumer Conference will take place on June 21-22, 2016 in Nantucket, MA. The Oppenheimer 16th Annual Global Consumer Conference will take place on June 21-22, 2016 in Boston, MA. The JMP Securities Life Sciences Conference will take place on June 21-22, 2016 in New York.
Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, announced that six academic clinical sites in the United States for its BP-01 study are anticipated to be initiated over this summer. Immune has cleared a US IND and has received IRB approval from several sites for the intravenous use of bertilimumab, its anti-eotaxin monoclonal antibody, for the treatment of bullous pemphigoid (BP), an orphan inflammatory autoimmune disease manifest by blistering of the skin typically in older adults. The additional sites include University Hospitals Cleveland Medical Center, Mount Sinai in New York, Duke University, the University of Iowa, the University of Buffalo, and the University of Utah. This Phase II study has started enrolling patients in Israel earlier in 2016.
There are currently approximately 60,000 BP patients in Europe and the U.S. together. Dr. Neil Korman, MD, PhD, who is a scientific advisor for Immune’s BP program, and is a Professor of Dermatology at Case Western University, said that it is very exciting to offer this unique targeted therapy to patients with bullous pemphigoid in the United States. He also noted that Bertilimumab has the potential to significantly reduce the risk of prolonged use of high dose steroids, which these patients currently must rely on to manage their disease. The results of this ongoing Phase II study may serve to inform further development in patients with BP.
Volume Alert: Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, saw a spike in its volume as it traded over 2,000,000 shares- that’s three times its three month average daily volume.
Immune closed the week at $0.41.
A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. This publication accepts compensation from companies that it features. This newsletter should not be regarded as an independent publication. Our editors may, from time to time, acquire positions in the companies that they cover. This could represent a conflict of interest. The CEOcast newsletter shall be under no obligation to inform readers about its trading activities. CEOcast's editors reserve the right to buy or sell shares in these companies at any time. The following companies, featured in this newsletter, have compensated CEOcast: Immune Pharmaceuticals, ten thousand dollars cash per month