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Amazon Food Rival Kitchit Shutting Down Wednesday, Source Says

Personal chef booking platform Kitchit  will soon run out of funding and will cease operations on Wednesday, according to a person familiar with the situation at the startup. But Kitchit CEO Brendan Marshall denied any decision to shut down has been made. “Like many startups in our proximity, Kitchit is navigating turbulent times,” Marshall told IBD via email. “That said, no such decision has been reached and we continue to be actively engaged in fundraising conversations. We recently served our 100,000th customer and hope to serve many multiples of that number in the future.” But a source told IBD that Marshall announced the decision to close up shop. Also, Kitchit’s website is not currently accepting bookings. The company has raised $8.1 million in two funding rounds, according to CrunchBase , from more than 20 individual investors, but the vast majority of the funding came from Javelin Venture Partners, which chipped in $7.5 million. The news of Kitchit’s possible closure comes hot on the heels of New York-based Kitchensurfing, a similar firm, shutting down , and might signal trouble in the food delivery sector. Kitchit began as an online marketplace where diners can find and hire personal chefs with custom menus. But the company discontinued that service  in August to focus on its less-expensive service Kitchit Tonight. Kitchit Tonight offers pre-prepared food that’s assembled at a customer’s home by a chef for $39 per person. Launched in San Francisco four years ago, Kitchit expanded to Chicago, Los Angeles and New York. The company does business in a fiercely competitive market that includes well-funded startups such as DoorDash — which delivers meals prepared at restaurants — as well as e-commerce leader  Amazon.com ( AMZN ) and GrubHub ( GRUB ). Amazon offers food delivery through its Amazon Restaurants business . Yelp ( YELP ) and Square ( SQ ) also have food delivery businesses. Noah Doyle, the managing director at Javelin who oversees Kitchit, did not immediately return a request for comment.

Medivation, Ligand Spearhead Rebound In Biotech Industry Group

Over the past four weeks, some of the biggest gains among industry groups belong to biotechs and outpatient and home care operators, followed closely by hospitals. All three medical groups have staged recoveries off February lows. The biotech group is up more than 14% over the past four weeks. The outpatient group shows a 13% gain, with hospitals up slightly less than 13%. The moves put the charts of both the outpatient and hospital groups back above their 40-week moving averages. Biotechs remain deeper in the hole, because the group suffered a much more severe sell-off — dropping 51% from July to February. Biotech’s gains have run across a broad spectrum of the group’s former leaders. Cancer drug specialist Medivation ( MDVN ) is up more than 100% from its February low and is now extended above a 48.87 buy point. Look into institutional buying in Medivation using IBD’s Stock Checkup. Ligand Pharmaceuticals ( LGND ) also helped spearhead the group’s gains. It is up 58% since Feb. 10. It cleared a double-bottom buy point of 106.08 late in March and is extended about 23%. While those stocks are extended, a few others are nearing buy areas. Emergent Biosystems ( EBS ) has only run up 29% since March. But it had a much more mild correction than most of the group. The stock is trying to break out past the 40.59 buy point of an undefined pattern. Others basing include Amgen ( AMGN ), Gilead Sciences ( GILD ) and Alexion Pharmaceuticals ( ALXN ). Amgen is near a 165.33 buy point in a cup-shaped base. The stock has climbed for six straight weeks. Gilead punched back above its 40-week average last week, up for a seventh straight week and above the midpoint in a possible six-month cup base. The much smaller Alexion remains below its 40-week line, which is trending downward. But a five-week rally has the stock climbing the right side of a long pattern. Earnings projections for this year remain fairly weak across the group. The exceptions are Medivation and Emergent, with EPS growth forecasts of 31% and 23%, respectively, for this year. Forecasts pick up for 2017, with nearly all of the advancers looking at double-digit growth estimates. For 2017, EPS growth estimates for Medivation and Ligand are above 50%. Investors with a tolerance for thinly traded stocks may want to check into China Biologic Products ( CBPO ) and Anika Threapeutics ( ANIK ). Neither of the stocks tracked the group’s sell-off last year. China Biologic is climbing the right side of a cup-shaped base. Anika is in buy range, 1% above a 47.34 flat base buy point. Earnings also look weak across the hospitals group, with the exception of Adeptus ( ADPT ). The stock scored a 14% gain this week, clearing a brief consolidation that did not qualify as a base. Earnings are expected to rise 92% this year and 46% in 2017. The stock is up 70% from a February low, but it remains 45% below its high mark from last August. Among outpatient providers, Acadia Healthcare ( ACHC ) and Amsurg ( AMSG ) each offer healthy EPS outlooks for this year. Amsurg is well up the right side of a cup base. Acadia is also basing, but it has a good deal of work yet to do. Image provided by Shutterstock .

Earnings Season Meltdown? 4 Big Names Tease Buy Zones Then Tumble

Loading the player… Alphabet ( GOOGL ), Microsoft ( MSFT ), Starbucks ( SBUX ) and Visa ( V ) were all trading at or near buy points going into their quarterly earnings reports last night. But in what could be seen as a big letdown for investors, all four issued disappointing results and/or guidance, which has sent the stocks tumbling below key levels. Not only is this notable because of their big names, but also because most of them are highly rated by IBD. Alphabet currently earns an IBD Composite Rating of 98 out of 99, while Visa has a 92, and Starbucks has a 90. Microsoft has a Composite Rating of 73, meaning it outperforms 73% of all stocks based on fundamental and technical factors. IBD’s Take: How do Alphabet, Microsoft, Starbucks, Visa measure up? Find out at IBD Stock Checkup Alphabet gapped down 5.4% in giant volume, breaching its 50-day line. It’s also triggering a sell signal, with shares now more than 5% below the cup-with-handle buy point at 777.41. The stock is trading 9% below its February high. Microsoft plunged 7.2% in heavy volume, with the stock breaking below the 50-day. Shares are now looking for support at the 200-day line. Microsoft was near its 56.95 buy point in Thursday’s session, but it’s now trading 9% below that level. Starbucks is dropping below its 50-day and 200-day moving averages in quick turnover, losing 4.9%. Shares are trading 7% below a saucer-with-handle buy point at 61.74, and 10% below their October peak. And Visa is now below its 10-day line, falling 2.1% in fast trade. It’s still holding above the 50-day and 200-day lines, which recently crossed in a bullish manner. Shares are now 3% below their cup-base buy point at 81.11. Whether this is a trend that will continue throughout earnings season remains to be seen, but we will continue to update you as reports from Facebook ( FB ), Amazon ( AMZN ) and PayPal ( PYPL ) come in next week.