E Danish CEOs

In the end, it came down not to stock performance but to CEO performance and Schultz aced that. TEVA now trades at $22.40. Credit Suisse was not in on the conference call.

*Swiss parent Roche should gain from new Genentech studies of Hemlibra for hemophilia to be presented early in Dec. at the American Society of Hematology in San Franciso.

Industrials

*As I anticipated, Jaguar Landrover losses are causing the crash in its Indian parent Tata Motors, TTM. The UK arm produced negative free cash flow of £600 mn in the quarter and £2.3 bn in FY H1. We sold after I visited London and saw the price hikes after the Brexit vote.

*Japanese robot maker Fanuc gained 2.53% in Tokyo today on optimism about auto sales. FANUY here only is up 1.5%.

*Cemex rose 5.95% in US trading after the market finally realized that cement for the new airport is a side issue; Pres. Lopez Obrador wants to boost wages for Mexican workers and they will add to their houses using CX products. More on Mexico under funds below.

*Hopes of a Trump deal with China boosted railroad builder Hollysys (HOLI) 2.7%.

*India's Azure Power Global won another 300 megaWatt solar power deal from India's largest public power ute, NTPC Ltd., with a IR2.59 bid. The plant can be located anywhere in India. AZRE also revealed that it had raised over $400 mn in new capital from equity and fixed income issues since the close of the FY Q1 (June 30). Most of the new money came from existing institutional shareholders like Canada's Caisse de dépôts, German and Dutch development finance bodies, the International Finance Corp. of the World Bank, two parts of the International Finance Corp. and Helion Vernture Partners, a private firm. All these are supporting green energy. It now has a weighted average tariff 17% over the low bids in India for over 2 gigaWatts of new power plants not including the NTPC one.

*China Eastern Airlines rose another 4.4% and is 20 cents below the black for us at $29.37.

*Canadian fertilizer giant Nutrien continues its upward move, another 3.4% rise after its Chile sale of a stake in Soquimich won Santiago's approval. SQM rose even higher, up 7.12% despite losing its fight against Tianjin Lithium. It reports next Nov. 21 when I have jury duty.

*Post spinoff Autoliv of Sweden is up another 2.7%. ALV was downrated to neutral from buy today by Longbow Research.

Food and Housing

*Anheuser-Busch InBev, BUD, trades at an estimated 18x forward earnings which analysts forecast are growing 7.1%--mostly in lower margin markets outside the developed world. This produces a very appealing PE/G rate even in the beer business. BUD is Belgian and its US shares are up 3.5% today. It pays 5.78% in annual dividends which may be cut. I bought more last month but am still down.

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