E Stock Market Surprise Day

My end of the year 2020 report on our performance can best be viewed at TalkMarkets here and here.

Mexican president AMLO approved a 50-year bond to be issued in Taiwan by his country at interest of 3.75% and also offered refuge to Julian Assange.

Today was a day of surprises in the stock market after the decision by the NYSE not to delist three Chinese telcos after all. They were due to cease trading on the Big Board on Jan.11 under a presidential order, and this led to a sell-off yesterday with each of the trio down about 5%. Later on Monday the NYSE announced that it reversing its decision to drop the 3 telcos for being controlled by China's military and they soared. China Telecom (CHA) and China Mobile (CHL) each gained 9% before the open today and China Unicom (CHU) Hong Kong rose 12%. They did even better in the OTC market to which investors had switched after the initial delisting. We own none of these outfits having sold CMO 2 years ago. China duly rose a new high from levels last hit in 2008.

Business newspaper article

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However, we had a happy surprise also on Monday, which occurred right after the close of US trading.

*AbCellera was widely upgraded by analysts 4 weeks after its IPO on Dec. 11 which when we bought the stock at a very high price because it develops antibody therapy, a way of fighting diseases I happen to favor. believe in. I did not buy because Peter Thiel is on the board. Yesterday after the close, when the quiet period for underwriters of the IPO expired, ABCL was rated outperform by BMO with a US $48 target price; by Crédit Suisse with a $52 TP; by Berenberg with a TP of $53; and by SVB Leerink with a TP of $45. Stifel Nicolaus went further, raing ABCL a buy with a target price of $59. ABCL rose in the aftermarket to $40, which still produced a loss for me, but a lesser one than before when it was at half its ipo price. Today it is at $39.36 ask and $39.02 bid. I'm hanging in there.

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William K. 1 month ago Member's comment

Thanks for an interesting and educational article.