Daily Brief United States: Bitcoin Pro, Immix Biopharma Inc, Mcdonald’s Corp, Abbvie Inc, Automatic Data Processing, Abbott Laboratories, Johnson & Johnson and more

• This week, news broke that the oldest crypto market maker, GSR, has been scaling back operations – particularly in the U.S. – while a number of top executives have left the company.
• This is yet another hit to U.S. and global liquidity and volumes; in May, Jump Crypto and Jane Street revealed they were reducing crypto operations.
• This week, we’ll take a look at the state of the crypto market, including volatility, liquidity, and volumes, and then examine some budding narratives and tokens.

Immix reported Q223 results, which were largely as expected. Operational highlights included rolling positive newsflow for CAR-T therapy NXC-201 and interim results for IMX-110 in colorectal cancer patients. With the ramp-up in clinical activity, mainly the NEXICART-1 trial, as well as the two ongoing Phase Ib/IIa trials for IMX-110, management reported R&D expenses of $2.2m, notably higher than $0.6m in the previous year. At end June 2023, cash was $12.7m, supported by a $5m (gross) at-the-market fund-raise in H123. Based on our estimated cash burn, we continue to forecast an operating cash runway into Q224, consistent with management guidance. As we update our FY23 and FY24 expense estimates based on the H123 run rate, roll forward our model and update the net cash figure, our valuation adjusts to $81.1m versus $83.3m previously.

• McDonald’s Corporation delivered an all-around beat in the previous quarter.
• The second quarter was yet another example of their continually strong success, driven by their execution and guided by their Accelerating the Arches strategy.
• McDonald’s continued its outstanding success in Q2 by reaching global comparable sales of 11.7% and double-digit comparable sales in each of its sectors.

• AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.
• Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.

• ADP delivered an all-around beat in the previous quarter.
• The HCM demand environment remained healthy, and the company’s worldwide sales and marketing team delivered exceptional results, exceeding expectations with double-digit overall growth in Employer Services and new business Bookings.
• With a focus on innovation, client service, and expanding its reach, ADP aims to capitalize on the growth opportunities in the HCM industry.

• Abbott Laboratories managed to exceed the revenue expectations as well as the earnings expectations of analysts.
• Organic sales showed steady growth, led by solid performances in Medical Devices, Established Pharmaceuticals, and Nutrition.
• Abbott’s various segments, such as Nutrition, Established Pharmaceuticals, Diagnostics, and Medical Devices, reported solid growth and significant achievements in product innovations.

• Johnson & Johnson managed to exceed analyst expectations in terms of revenue as well as earnings.
• It was a strong quarter for Johnson & Johnson, with market-leading performance and significant advances in their innovative Pharmaceutical and MedTech pipelines.
• The company reported solid sales and earnings growth in the second quarter of 2023, raising expectations for the year.