We're always cautious on any company going public. IPOs are an opportunity for a company to raise capital before it has a trading history, and usually before it's even profitable. If a company has a great story,
 | |  Good morning. We're always cautious on any company going public. IPOs are an opportunity for a company to raise capital before it has a trading history, and usually before it's even profitable. If a company has a great story, it may have a huge rally from its IPO, but reality will eventually set in.
Beyond Meat, one of the hot IPOs of the year, saw this recently. Shares are down over 29 percent from their all-time high following an earnings report where it quadrupled sales—but the company also announced it was issuing more shares. Even a fast growing company won't always grow fast enough to keep the market happy. We suspect other recent IPOs will see similar drops as earnings season unwinds. | | | | | |
| | |  | DOW 26,583.15 | -1.05% | | | | S&P 2,953.55 | -.90% | | | | NASDAQ 8,111.12 | -0.79% | | | | | *As of market close | | | • | Stocks started to make up for most of Wednesday's decline on Thursday..., until a tweet from President Trump about additional tariffs on China sent stocks down about 1 percent instead. | | | | • | Oil prices dropped 7 percent on trade fears, and gold rallied over 1.3 percent.. | | | | • | Cryptocurrencies generally roses, albeit lightly. Bitcoin topped $10,000. | | | |
| | | 10-Year Yield Drops Below 2 Percent on Fed, Trade War Fears | | | | Bond yields fell following the quarter-point cut in interest rates by the Federal Reserve on Wednesday and trade war fears from a tweet by President Trump on Thursday. The 10-Year yield fell to 1.8 percent.
The 2-percent threshold has long been a key psychological point for investors. With inflation rates running near 2 percent, bond yields look quite low—but still have the ability to move lower.
» FULL STORY | | | | |
| | Dynatrace Shares Soar 46 Percent in IPO | | | | In a strong year for companies to go public, Thursday saw the IPO of Dynatrace as well. Shares were priced at $16, but opened for trading at $25.50, giving the company an approximate valuation of $7.2 billion.
All told, the company sold 35.6 million shares, and raised $544 million in capital. Shares trade under the ticker DT.
» FULL STORY | | | | |
| | Insider Activity: Watford Holdings (WTRE) | | | | On Wednesday, July 31st, multiple insiders bought shares at Watford Holdings (WTRE). Those buys included 25,000 shares by CEO John Rathgeber, 25,000 shares by director Nicolas Papadopoulo, 2,500 shares by CFO Alexandre Scherer, and 1,500 shares by Chief Risk Officer Jon Levy.
Collectively, these insiders bought over $1 million in shares. Insiders have been buyers of the company earlier in the year, with a large cluster of buys back in May at far higher prices.
» FULL STORY | | | | |
| | | | Unusual Options Activity: Pan American Silver (PAAS) | | | On Wednesday, shares of Advanced Micro Devices (AMD) dropped following decent, but lackluster earnings. Some traders saw further weakness, as evidenced by a number of bearish options trades following the earnings report.
One particularly active option was the September 20th $26.00 put options, expiring about 50 days away. The option saw over 3,100 contracts trade against a prior interest of 174, for a nearly 18-fold increase in volume.
» FULL STORY | | | | |
| | | | TOP | | | NKTR | 9.592% | | | | K | 9.292% | | | | VRTX | 7.604% | | | | MCK | 6.693% | | | | TFX | 6.426% | | | | BOTTOM | | | ABMD | 26.454% | | | | CXO | 22.226% | | | | BBY | 10.793% | | | | PRU | 10.088% | | | | FLS | 9.235% | | | | | PFE
| | |  | | US manufacturing has entered into its sharpest downturn since 2009, suggesting the goods-producing sector is on course to act as a significant drag on the economy in the third quarter. The deterioration in the survey's output index is indicative of manufacturing production declining at an annualised rate in excess of 3%. | - Chris Williamson, Chief Economist at IHS Markit, on the severity of the slowdown in U.S. manufacturing  | |
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