Global equities are continuing their excellent run on the back of some recent positive news.
Following the strong jobs report in the U.S. on Friday, the S&P 500 has touched record high levels. Earlier today, the Dow Jones Industrial Average touched record highs during intra-day trading.
With the market in risk on mode, the question is whether the current valuations are sustainable.
Indeed, in terms of price to earnings ratio, the S&P 500 looks expensive. However, the rally could continue at least in the near-term, especially if the ongoing earnings season turns out to be good.
The earnings season began on a solid note on Monday, with Alcoa Inc. (NYSE:AA) reporting strong second-quarter results. The second-quarter earnings season is expected to be better than the previous quarter.
In the OTC market, one of the major movers in trading today is ImmuDyne Inc. (OTCQB:IMMD).
Based in Mount Kisco, New York, ImmuDyne is engaged in the manufacturing, distribution and sale of natural immune support products. The company’s products consist of its yeast beta glucans, a group of beta glucans naturally occurring in the cell walls of yeast that have been shown through testing and analysis to support the immune system.
Its products include once-a-day oral intake tablets and topical creams and gels for skin application. Its segments include nutraceutical and cosmetic additives, and finished nutraceutical and cosmetic products.
IMMD shares are gaining in trading today after the company announced the signing of a non-binding term sheet with Pilaris Laboratories, LLC, for an exclusive worldwide license to commercialize the PilarisMax line of hair loss products.
Pilaris Laboratories’ lead product is a shampoo with three potent naturally occurring DHT blockers in an innovative sulfate free base that has shown to be safe and effective in supporting hair health and thickness in both men and women.
Pilaris Laboratories and Immudyne will immediately begin work on developing a conditioner with a complimentary ingredient profile.
Commenting on the development, Mark McLaughlin, President and CEO of ImmuDyne, said that the company is thrilled to partner with Dr. Shapiro and Dr. Borenstein on the global launch of an innovative, breakthrough product aimed at helping millions of men and women that struggle with thinning hair.
At last check, IMMD shares were trading 3.3% higher at $0.310 on volume of 10,135, which is below the daily average volume of 57,682.
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