The RegMed Daily Dialogue, 6/23/11, no luck, can’t hide from the sell-off
What is OFF – everything! Equity futures are trading below fair value in a continuation of yesterday’s weak close. US stock futures are following European bourses lower amid further signs of economic weakness. S&P futures are off about 1%. Jobless claims unexpectedly rose in the latest week by 9K, to 429K instead of slipping to the 415K as per the consensus forecast. Asian markets are mixed and trending down. The slowdown also is coming in China where the latest purchasing manager’s data came in at 50.1, just barely above the mark denoting expansion. The bleeding continues, major European markets are also off more than 1% on the omnipresent sovereign debt worries. The winners are the dollar and Treasuries with the euro slumping more than a penny below $1.42. The 10-year note is trading at 2.91%, the low end of its recent move. The Federal Reserve cut its forecasts for economic growth, but offered no hint of further monetary support, saying the recovery should gradually pick up heading into 2012.
Regenerative medicine/stem cell universe is fluctuating down with few ups on Thursday (6/23/11) … The NASDAQ is DOWN -20.88 from -34 (-0.81%) to 2,647.53 and moving a hair upward. The Dow was off 223 in early morning trading and is DOWN -191.66 (-1.58%) and is again below 12, 000.
Aastrom (ASTM), BioTime (AMEX: BTX), ImmunoCellular (IMUC.OB), Brainstorm (BCLI.OB) and ReNeuron (LSE.RENE.L) are up … barely!
Today’s Sermon: Since everything is OFF, I think the upcoming holiday weekend will start sooner; maybe gas will be cheaper to drive far from market gyrations …
What’s driving the regenerative medicine – stem cell market …
New Chairman of CIRM: Jonathan Thomas, Ph.D., J.D., will be the new Chairman of the California Institute for Regenerative Medicine, the state stem cell agency created by proposition 71. The bottom line, Question, since Thomas assisted with an early round of financing for Advanced Cell Technology (ACTC.OB) while at Saybrook, will he be asked to recluse himself from future dealings?