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Del Mar, CA (July 25, 2016)Kingsbarn Funds ("Kingsbarn") announced the hire of Steven de Barón Prescott as Vice President of Business Development. Prescott joins the Kingsbarn team experienced in broad facets of commercial real estate and financial services. Most recently, Prescott served as a financial wealth advisor for five years with Wells Fargo Advisors where he guided private wealth clients with over $100 million in assets.
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Week Ahead: Stocks Move Lower in Quiet Trade; Oil Prices Decline
Stocks are moderately lower in midday trading Monday as the market drifts between small gains and losses. A drop in oil prices pulled energy companies lower. Investors were looking ahead to the Fed's meeting in Jackson Hole, Wyoming, for clues on timing for possible interest rate hikes. The Dow Jones industrial average lost 44 points, or 0.2 percent, to 18,509 as of 12:05 p.m. Eastern. The Standard & Poor's 500 index lost five points, or 0.2 percent, to 2,179 and the Nasdaq composite lost nine points, or 0.2 percent, to 5,229. Cancer drug maker Medivation jumped $13.24, or 20 percent, to $80.40 after pharmaceutical giant Pfizer announced it would buy the company for $14 billion, or $81.50 a share. Pfizer is buying Medivation for its heavily used prostate cancer drug Xtandi, which generates roughly $2 billion in sales a year. The Medivation deal pushed other biotechnology stocks higher as well. Regeneron Pharmaceuticals, Vertex Pharmaceuticals and Alexion Pharmaceuticals all were up 3 percent or more. Health care and utilities were the only two sectors to rise in the S&P 500 index. Oil prices fell sharply. U.S. benchmark crude lost $1.46 to $47.65 a barrel and Brent crude, used to price oil internationally, declined $1.54 to $49.34 a barrel. The drop in energy prices dragged down energy stocks, which lost 1.1 percent, more than the rest of the market.
Aug 23 10:00 AM New Home Sales Jul 575K 580K 592K
Aug 24 7:00 AM MBA Mortgage Index 08/20 NA NA -4.0%
Aug 24 9:00 AM FHFA Housing Price Index Jun NA NA 0.2%
Aug 24 10:00 AM Existing Home Sales Jul 5.50M 5.54M 5.57M
Aug 24 10:30 AM Crude Inventories 08/20 NA NA -2.51M
Aug 25 8:30 AM Initial Claims 08/20 268K 265K 262K
Aug 25 8:30 AM Continuing Claims 08/13 NA NA 2175K
Aug 25 8:30 AM Durable Orders July 4.0% 3.5% -4.0%
Aug 25 8:30 AM Durable Orders, Ex-Transport. July 0.4% 0.4% -0.5%
Aug 25 10:30 AM Natural Gas Inventories 08/20 NA NA 22 bcf
Aug 26 8:30 AM GDP - Second Estimate Q2 1.1% 1.1% 1.2%
Aug 26 8:30 AM GDP Deflator - Second Estimate Q2 2.2% 2.2% 2.2%
Aug 26 8:30 AM International Trade in Goods July NA NA -$63.3B
Aug 26 10:00 AM Michigan Sentiment - Final Aug 90.8 90.6 90.4

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