July 14, 2014 CEOcast Weekly Newsletter
ceocastnews Newsletter
Monday, July 14 2014 ttill@conde.com Companies featured in the current edition of the newsletter: ACTC This week brought a correction in the small cap market, with the Russell 2000 falling nearly 4% by the end of the week. The small cap index shed 47 points or 3.9% and closed on Friday at 1,159 � actually leaving it down 4 points or 0.3% from where it started the year. The Dow took a smaller hit, losing 125 points or 0.7% over the course of the week and closing Friday at 16,943 � up 2.2% for the year. The Nasdaq fell 70 points or 1.6% and is now up only 5.7% for the year at 4,415. The S&P 500 dropped 18 points or 0.9% by Friday and closed at 1,967. IT is still up 6.4% for the year.
Economic data was limited this week and generally the attention was on the events unfolding in the Middle East, both in Iraq and Israel. Investors remain concerned about a possible hike in the price of crude as a result, although the escalations abroad have yet to significantly impact oil distribution. In fact, the price of various types of crude hasn�t inflated since June on the major exchanges, and remains depressed likely due to investor worries about a global economic slowdown fueled by the recent downward revision to the United States� first quarter GDP. The conflict in Iraq briefly sent prices soaring, but the price of West Texas Intermediate crude has settled back under $104 per barrel. The US Treasury posted a budget surplus of $70.5 billion in June, compared with a $116.5 billion surplus in the year ago period.
Earnings season kicked off with Alcoa beating expectations. The aluminum producer reported net income of $138 million or $0.18 per share excluding one=time charges, up from $0.07 in the year ago quarter. Wells Fargo reported higher net income over the previous year, but down slightly from the previous quarter. The banking giant reported a profit of $5.73 billion, or $1.01 per share, up from $5.52 billion or $0.98 per share a year earlier.
No conferences of note will take place this week.
Volume Alert: Advanced Cell Technology (OTCBB: ACTC), a leader in the field of regenerative medicine, traded nearly five times its three month average on Monday, and above its average the following two days. The stock held at $0.08 through the week�s end.
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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