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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Bank of America analysts recently looked back at the last 100 years of stock market data, searching for asset bubbles and what indicated their approach. The nine historical bubbles they found all had one thing in common ahead of their bursting: rising volatility. But, right now the Volatility Index, or VIX, is nowhere near the highs seen before the dot-com bubble burst, which should soothe investor concerns.

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What’s up

• Jazz Pharmaceuticals rose 5.39% today thanks to RBC Capital reiterating its outperform rating of the stock, highlighting the potential of the company’s forthcoming essential tremor treatment.
• CarGurus popped 4.05% after receiving a shiny new outperform rating from JMP Securities, which likes the company’s online marketplace business model.
• Las Vegas Sands rose 3.11% today on no particular news, as did Cedar Fair, which rose 3.27%. Both are beneficiaries of the vacation season, and likely enjoyed a boost today due to nothing more than the fact that it was a sunny summer Friday.

What’s down

• GameStop shares plummeted 39.36% after the company announced poor earnings earlier than investors had anticipated.
• Barnes & Noble Education fell 46.29% in reaction to a new equity and refinancing deal, as well as the appointment of five new directors to its board.
• Docusign fell 4.67% despite beating earnings estimates this quarter—it was just a smaller beat than investors would have liked, coupled with lackluster guidance.
• Semtech dropped 17.90% on the abrupt news that its CEO was departing the company due to a disagreement with its board.
• Vail Resorts fell 10.40% after announcing poor earnings and low guidance late yesterday thanks to a warmer-than-usual ski season.

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Here’s where the major benchmarks ended:

• The S&P 500 index declined 5.97 points (0.1%) to 5,346.99, up 1.3% for the week; the Dow Jones Industrial Average^® ($DJI) lost 87.18 points (0.2%) to 38,798.99, up 0.3% for the week; the NASDAQ Composite^® ($COMP) shed 39.99 points (0.2%) to 17,133.13, up 2.4% for the week.
• The 10-year Treasury note yield (TNX) jumped about 15 basis points to 4.432%.
• The CBOE Volatility Index^® (VIX) fell 0.36 to 12.22.

Interest-rate-sensitive sectors including banking, real estate, and utilities were among this week’s poorest performers amid expectations the Fed is unlikely to lower rates from historically high levels. The Dow Jones Utility Average ($DJU) dropped 2.8% this week. Retailers also posted a down week. Semiconductors still clocked a firm week despite declines the past two days. The PHLX Semiconductor Index (SOX) advanced 3.2% for the week. 

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