E A Sell-Off Day

I had to flash between several results yesterday and may have missed something at TEVA. Appallingly, the seekingalpha.com website publishing the transcript wants me to register my shareholdings to read transcripts.

*Canadian drug startup Zymeworks will present at the Canaccord Genuity Growth Conference in Boston Aug 8-9. It was upgraded to buy from neutral at Citigroup with a $19 (US) target price and the share rose 7.3% on the news after earlier rising 10%. This stock was found by Martin Ferrera who lives in Canada and is well-connected to the City of London.

*Swiss Roche is now in the sights of the US DoJ for allegedly bribing Iraqui terrorists with drugs they could sell to get market access. This already has hit Astra-Zeneca and now also Johnson & Johnson.

*GlaxoSmithKline fell 2,5% in London.

Tech

*No comment on Apple, the billion dollar fruit.

*Tencent fell 2.55% yesterday in Hong Kong to HK$346, wiping out 2018 profits.

*Morningstar on Thursday maintained its target of $35 for BAE Systems' ADR citing the fall in its unfunded pension plan to £3 bn from £3.9 bn at end-2017. They also expect military spending and the BAESY backlog to rise from the F-35 program, Saudi spending, and global militarism. However, the rating still holds.

*IBM is linking its cloud system to CenturyLink. IBM is also launching a blockchain platform called LedgerConnect with 9 banks to become a one-stop shop for Fintech apps like knowing your customer and derivatives processing. Among the banks in the pool is Barclays.

Funds

*Eduardo Garcia writes that Fibra Uno is calling 6 Mexican bonds with effect on Aug. 9. It also declared a dividend of MPN 0.5401/sh.

*Funds around Europe are in distress and down $120 bn because they were heavily into FAANGS, especially Facebook.

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