Hanging in or hanging on?
End of Day, Cause and Effect
Closing Bell: The NASDAQ closed DOWN -25.83 (-0.9%) to 2,836.16 while the DOW closed DOWN -25.66 (0.2%) to 12,601.35.
EOD Commentary RegMed stocks are edging through stumbling markets. ASTM post their “common stock exchange” … is holding <flat, but not down> as markets were going down anyway and this event seem(s) to be a positive <so far> catalyst.
Positive Aastrom (ASTM) comments from Jason Napodano, CFA, Zacks … ”As of last week, 2.66M shares of ASTM were held short (6.9% of the float) … Removal of these warrants should do four things. Firstly, it removes the future dilution of net 5 million shares of common stock (if all warrants are tendered). Secondly, it removes a meaningful overhead with respect to a change in control. We do not believe Aastrom is “for sale” right now, nor do we think a take-out prior to the release of the P3 Revive data data in 2014 makes sense. However, the opportunity for a future change in control (exit strategy) should attract new investors to the story. Thirdly, the removal of the anti-dilutive reset opens the door to future unencumbered financings for the company with these potential new investors. And finally, it removes the incentive for the warrant holders to enter into a common stock short hedge”. Every affirmation is welcomed!
Stocks added to sharp losses across the board Thursday but, in the last 20 minutes pre the close helped alleviate losses in the final stretch of the day … after the Supreme Court upheld a key part of President Obama’s health care overhaul and also, amid skepticism that EU leaders would be able to form a solution to tackle the ongoing debt crisis.
The CBOE Volatility Index jumped near 21. Breadth was solidly negative, with universe losers (21) beating gainers (9).
Who is up … at the close:
- Athersys (ATHX) +$0.06 <+3.86%> to $1.61;
- Brainstorm (OTC BB: BCLI) +$0.014 <+5.38%> to $0.274;
- BioHeart (OTC BB: BHRT) +$0.001 <+3.57%> to $0.029;
- Fibrocell (OTC BB: FCSC) +$0.008 <+3.60%> to $0.23;
- ImmunoCellular (Amex: IMUC) +$0.22 <+6.47%> to $3.62;
- NeoStem (Amex: NBS) +$0.01 <+2.20%> to $0.47;
- Neuralstem (Amex: CUR) +$0.05 <+6.17%> to $0.86;
- Osiris (OSIR) +$0.38 <+3.33%> to $11.80;
- ThermoGenesis (KOOL) +$0.04 <+4.49%> to $0.93.
