GWO Daily Note --SPECIAL EDITION 11/11/2019
Market Strategies Newsletter - Special Daily Edition
For Trading November 12th
Boring, Boring, Boring
BA & WBA Drag the Dow Higher
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Today’s market was all about Boeing and WBA. It was a boring day with Banks and bonds closed and really no reason for stocks to trade, and it showed in the volume and the lack of any meaningful action. As is usual on these kind of days we were totally run by the overnight action in the futures and weakness in European markets and we made the low of the day within the first 15 minutes -164, followed by a quick 50 rally and some sideways action until BA announced that their time-frame for re-certification, calling for it all to be completed by year-end. After trading down about $6 to $345 on the news that AAL and LUV were continuing to cancel flights until March and probably pursuing damages from BA for the problems caused and losses from the MAX problems, BA made their statement and the stock took off and in an hour was trading $365, and continued higher and finished $366.96 +15.96 (4.55%) and dragging the DJIA up adding 107 DPs. While the rest of the markets remained lower at the close the DJIA was + 10.25 (.04%), NASDAQ -11.03 (.13%), S&P 500 -6.07 (.20%), the Russell -4.09 (.26%) and the DJ Transports -37.61 (.34%). DJIA was split 10 UP, 20 lower with the only real winners the BA and WBA +20 DPs on the news that KKR is looking to possibly take the company private. The only double-digit losers on the Dow were MMM and UNH -20 and GS -26DPs. The A/D were also negative by about 400 issues on each place.
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is:https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights.
SECTORS: Other names in the news: As mentioned above, all the action was in BA. WBA, on which there were rumors on Friday about going private, and evidently received a buyout from KK&R (KKR). Terms have not been disclosed, but the deal would be the biggest LBO in history. I’m sure we’ll hear all about it in the days to come.
Also receiving a buy-out was Carbonite: CARB from Open Text: OTEX for $23 in cash, a 78% premium from when CARB announced back in early September that it was looking to sell itself. In the last couple of years OTEX has made 40 acquisitions. CARB closed $22.95 +4.55 (24.73%). OTEX also rallied and closed $42.54 +.98 (2.36%).
Myokardia: MYOK fell on the news from 2 of its trials for their mavacamtem drug, even though it met its primary objective. The company said it will continue further trials in the first half of 2020. The stock traded as low as $51.14, but managed to rally to close $55.45 -4.56 (7.60%), well off the lows.
Kemet: KEM, an electronics components company received a bid from Taiwan’s Yageo Corp. for an all cash deal valued at $1.8Billion. The stock, up from a low on 9/3 of $16.23 had closed the day $23.02 -.49, traded to $26.60 before closing $25.75. The deal is worth $27.20.
And one more name that appeared in this space just a few days ago, NextCure: NXTC, when it announced and published an abstract for its experimental cancer treatment presentation at Society for Immunotherapy of Cancer meeting and soared from $26 to $109 last week. After giving up a bit and seeming to stabilize and close Friday $82.89 +55.54 (203%), the stock collapsed to close the day $39.02 -43.87 (52.93%) when the prior “enthusiasm” was tempered after the company released the data on Saturday.
That’s all I have tonight. I will go back to my longer format tomorrow night with my report.
I hope everyone had a good day and again, to all those for whom it is appropriate,
Thanks you for your Service…..
Tomorrow is another day.
CAM
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