E Markets Review: A Warning

*Teva fell 2.4%. It informed the market it will report on Q3 Nov. 1, but fell because Crédit Suisse analyst Dr. Vivek Divan called for the Israeli firm to rush to craft a better injection method for its Ajovy migraine drug which now causes injection-site reactions in ~45% of those treated with it, the highest level

*Nasdaq was weak-kneed a week ago so most of our startup biotechs fell along with the rest of what's listed there, in a 6-mo record sell-off. Among them is Benitec Biopharma which is seeking shareholder approval for another 10% capital increase and more options for the boys (I own both the stock and the options, called warrants down under.)

Energy and Materials

*Pengrowth Energy reported insider buying of C$2.2 mn. PGHEF.

*National Bank of Canada cut its forecast for Algonquin Power & Utilities to hold from outperform and the AQN stock lost 1.8% a week ago, on Saturday. It pays over 5% in dividends.

*Goldman Sachs tallied the alleged shortages of copper and said they are not biting yet. This took down Antofagasta of Chile in London trading. ANFGF.

*The Chilean antitrust court approved the Tianqi Lithium purchase of Sociedad Quimica y Minera de Chile with no further conditions. Good news for Nutrien of Canada, the seller.

*Oy vey. My recommendation that readers buy into Texas oil company Noble Energy because it can help link up Israeli offshore gas with Egyptian pipelines and liquefaction plants was mistaken. NBL rose sharply here because it sold part of its stake in one of the offshore Israeli gas fields, Tamar, and other CNX assets here to fund its 10% share of the 39% buy of the EMG trans-Sinai pipeline. It got NIS 340 mn on the sale of Tamar, last week, in Israel, valuing the whole NBL 43.5% position at NIS 600 mn. Globes Israel website writes that the whole is being sold.

Oppenheimer rates NBL a hold but Piper Jaffrey rates it overweight because of differing views on Colorado fracking regulations. Noble is not to be confused with Noble Holdings of Hong Kong, incorporated in the Cayman Islands which Moody's has just downrated.

Our share is 90% owned by US institutions and is very conservative, having survived since its foundation by Lloyd Noble in Oklahoma 86 years ago.


*Autoliv of Sweden won a buy rating from Jefferies on Saturday, a week ago, but it cut its pre-spinoff price target to $100.

*Tata Motors, depends on India finance for its mass car lines, dropped nearly 4%. TTM was sold.

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William K. 10 months ago Member's comment

The solution for the greed challenge is NOT to eliminate greed but rather to regulate it quite severely so that it is not able to do any serious damage. simply demanding that petroleum futures could only be purchased with cash, not borrowed credit, would have eliminated a lot of problems. Tighter regulation is the solution, not letting greed run rampant and out of control. Certainly there would be less profit for some, but far better that than disaster for many. ( I am well aware that such sound rather altruistic. Oh Well!)