Starting the Day: US stocks fell sharply Tuesday, at the open as worries about European debt and the US economy intensified. The Dow fell 275.26 points to 10,965.00. The S&P’s 500 Index shed 29.60 points to 1,144.37. The NASDAQ declined 56.61 points to 2,423.72. Following a sharp drop in stock-index futures ahead of the open, the New York Stock Exchange and NYSE Amex Cash Markets invoked Rule 48 for the open, lifting a requirement calling for price indications that help determine the floor price at the start to smooth trade.
EconRecon: The Institute for Supply Management on Tuesday said its service-sector index rose to 53.3% in August from 52.7% in July. While readings over 50% indicate more firms are expanding than contracting, the index is still sharply lower compared to its 2011 peak of 59.7% in February. In a positive sign, the new orders index rose 1.1% points to 52.8% and the backlog of orders index climbed 3.5% points to 47.5%. The employment index fell slightly, however, and the price index jumped 7.5% points to a relatively high 64.2%. 10 of the 18 service sectors tracked by ISM reported growth. The US service sector – fields such as health, finance and entertainment – accounts for ¾’s of all economic activity. It also employs about 4 of every 5US workers.
Market Dynamics: After a brutal August, investors are hoping September doesn’t live up to its reputation as the cruelest month. Everyone seem to be watching and fixated on what’s going on in Europe. The dreaded uncertainty is out there. The concern about a global recession is edging higher.
Expectation: Unfortunately for those itching to get back into the market; the measurement tool of a stock market is the CBOE’s Volatility Index VIX (+16.78%) which is SO apply named. It says that the market needs to … calm down … even more from Augusts’ extraordinary volatility before its safe for investors to tiptoe back into our universe’s equities.
Mid-Day: The NASDAQ is DOWN -38.40 (1.55%) to 2,441.93. The Dow is also DOWN -194.58 (1.73%) to 11,045.68.
What’s new in the regenerative medicine/stem cell market … Patience is a virtue … I am hesitant to take any bold steps but, nibbling at this ugly market.
BioTime (AMEX: BTX) enters into Worldwide License Agreement with Cornell University: To develop and commercialize Vascular Cells Derived from Human Embryonic Stem Cells. The bottom line, The products derived from the combination of this technology with BTX’s ACTCellerate™ and OncoCyte’s existing technologies to target and destroy malignant tumors may lead to an entirely new modality for the treatment of solid tumors and to accelerate requisite animal and preclinical testing prior to human clinical use. Vascular endothelial cells form the tubular structure of the very small blood vessels known as capillaries, and the innermost cells of larger arteries and veins in the body. When these cells become dysfunctional, they are believed to play a key role in numerous disease processes such as coronary heart disease and stroke. The ability to reprogram cell lifespan and manufacture young and healthy patient-specific vascular endothelial cells may prove to be critically important for the future of certain therapeutic strategies in the emerging field of regenerative medicine. One of the largest markets may be age-related vascular disease such as coronary disease and stroke. BTX has tested the Cornell technology when combined with BioTime’s ACTCellerate™ technology and has successfully produced highly purified monoclonal embryonic vascular endothelium. This high level of purity and scalability is expected to facilitate the manufacture of clinical-grade cells that may be used for transplantation therapies. Vascular endothelial cells also form the blood vessels that support the growth of cancerous tumors. OncoCyte may use the licensed technology in its therapeutic approaches to derive vascular endothelial cells that can be engineered to deliver a toxic payload to the developing blood vessels of a tumor to remove malignant tumors while not affecting nearby normal tissues.
Dana-Farber experts use molecule to turn off cancer-causing gene: Scientists at the Dana-Farber Cancer Institute were able to turn off the MYC gene, which plays a role in cancer development, in multiple myeloma cells using a tiny molecule called JQ1. The technique might one day help treat other types of cancer in which the gene is involved, they reported in the journal Cell.