Companies featured in this edition of the newsletter: IMNP
The stock market enjoyed its third consecutive weekly advance that sent the S&P 500 and the Dow to fresh record highs. Concerns about a rate hike taking place before the end of 2016 are almost nonexistent, and the fed funds futures market estimates that likelihood of a in July at 2.4% while the implied probability of a hike in December sits at 47.8%. The Dow Jones Industrial Average finished the week at 18,516 up 369 points or 2.0% from 18,146, and it is up 6.3% for the year. The Nasdaq finished the week at 5,029 up 72 points or 1.5% from 4,956, and it is up 0.4% for the year. The S&P 500 finished the week up 31 points or 1.5% at 2,161 from 2.129 last week, and it is up 5.8% for the year. The Russell 2000 finished the week at 1,205 up 27 points or 2.4% from 1,177 last week, and it is up 6.1% for the year.
Import prices increased 0.2% in June while export prices increased 0.8%, and the uptick in import prices was driven by a 6.2% increase in fuel prices. Excluding fuel, import prices actually declined 0.3%, which was the largest monthly drop since the index declined 0.3% for six consecutive months from July to December 2015. The Treasury Budget for June showed a surplus of $6.3 billion versus a surplus of $50.5 billion in June 2015. Initial claims for the week ending July 9 were unchanged at 254,000, and the continuing claims for the week ending July 2 increased by 32,000 to 2.149 million. The Producer Price Index for June revealed a 0.5% increase in the PPI for final demand. The index for final demand less foods and energy advanced 0.4%.
Total retails sales increased 0.6% in June following a downwardly revised 0.2% increase in May. Excluding autos, retail sales increased 0.7% after increasing an unrevised 0.4% in May. The Consumer Price Index for June showed a 0.2% increase for both total CPI and core CPI, which excludes food and energy. Industrial production in June rose a better than expected 0.6% following an upwardly revised 0.3% decline in May. The capacity utilization rate of 75.4% was also better than expected and marked an improvement from an unrevised 74.9% in May. Total business inventories increased 0.2% in May, as expected following an unrevised 0.1% increase in April. The preliminary University of Michigan Consumer Sentiment Report for July showed a drop in the Index of Consumer Sentiment to 89,5 from the final reading of 93.5 for June.
This week Delta Air Lines reported 2Q 2016 adjusted net income of $1.1 billion or $1.47 per share, compared with net income of $1.0 billion or $1.27 per share in 2015. JPMorgan Chase reported 2Q 2016 net income of $6.2 billion or $1.55 per diluted share compared with $6.3 billion or $1.54 per share in the same quarter of 2015. Citi Group reported net income of $4.0 billion or $1.24 per diluted share compared with $4.8 billion or $1.51 per share last year. Wells Fargo reported 2Q 2016 net income of $5.6 million or $1.01 per diluted share compared with $5.7 billion or $1.03.
No conferences of note will be taking place this week.
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 on Tuesday as it traded over 4,000,000 shares- that’s four times its three month average daily volume.
Immune closed the week at $0.45
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.