June 30, 2014 CEOcast Weekly Newsletter
ceocastnews Newsletter
Monday, June 30 2014 randy.kinney@bluebell.com Companies featured in the current edition of the newsletter: ACTC A rocky week of mixed economic news hurt industrial stocks more than tech stocks, leaving indices mixed by week�s end. The Dow finished the week at 16,851, down 96 points or 0.6% for the week and leaving it up 1.7% for the year. The Nasdaq rallied late Friday to finish at 4,397, up 29 points or 0.6% for the week and up 5.3% for the year. The S&P 500 closed Friday at 1,960, down 2 poitns or 0.1% for the week but still u 6.1% for the year. The Russell 2000 squeezed out a gain of 1 point or 0.1% for the week and ended the week at 1,189 � up 2.2% for the year.
Existing home sales rose 4.9% in May to 4.89 million SAAR from 4.66 million in April. The median price rose 5.1% for a second month in a row. New home sales jumped 18% in May from 504,000, up from a downwardly revised 425,000 in April. This is the first time new home sales have reached over half a million in a month since May 2008. The Conference Board�s Consumer Confidence Index rose to 85.2 in June, up from 82.2 in May. This is the highest reading of the index since January 2008, but without income growth it doesn�t necessarily mean higher consumption. The final reading of the University of Michigan Consumer Sentiment Index, meanwhile, jumped to 82.5 from an initial 81.2 reading for June, up from 81.9 in May.
Initial unemployment claims fell to 312,000 for the week ending June 21st, down from 314,000 the week before. Initial claims have dropped to a lower range in recent months, potentially signifying a strengthening labor market. Continuing claims fell to 2.571 million for the week ending June 14th, down from 2.599 million the week before. Personal income increased 0.4% in May after rising 0.3% in April, while disposable income rose 0.4% for a second month. Personal spending rose 0.2% after no growth in April, but adjusted for inflation spending in May fell 0.1% after falling 0.2% the month before..
First quarter GDP growth was revised down to -2.9%, as personal consumption expenditures were seen to be lower than previously estimated. This weakness was partly a result of the Polar Vortex storms which kept many residents home across much of the country and stifled retail and service demand.
Earnings news this week was light with only Walgreens and Accenture reporting. Walgreen Co. reported net income of $722 million or $0.75 per share, up from $624 million or $0.65 per share a year ago. The increase was mostly due to beneficial tax changes, while revenue fell short of Wall Street expectations. The company also told investors it is considering a potential merger with Swiss health retailer Alliance Boots, in which the company already holds a 45% stake, which could involve reincorporation overseas. Accenture�s profit, meanwhile, rose to $817.3 million from $810.3 million in the year ago quarter, while EPS rose from $1.21 to $1.26.
There will be no conferences of note this week due to the July 4th holiday.
Advanced Cell Technology (OTCBB: ACTC), a leader in the field of regenerative medicine, announced last week that the company has appointed Paul Wotton, Ph.D. as President and Chief Executive Officer. An experienced biopharmaceutical executive with a track record of leading companies to clinical, financial, and commercial success, Dr. Wotton is well-suited to the leadership role at ACT. He was previously the President and CEO of Antares Pharma, and before that he was the CEO of Topigen Pharmaceuticals. He has held numerous other executive and advisory positions in the pharmaceutical field, all of which will aid the company in achieving its near-term and long-term goals. Following the announcement, ACTC traded more than twice its three month average share volume and the price rose 10% to $0.07. ACTC finished the week flat from the week before at $0.06.
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: Advanced Cell Technology, seven thousand dollars cash per month.
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