E Calm Markets Day

*Goldman Sachs in an internal memo (which the press got a hold of) revealed plans to create a crypto-currency to help firms get listed. Bank of England Governor Andrew Baily warns that cryptocurrencies have no intrinsic value and investors “should be prepared to lose all their money” when they invest in them.

*New Ireland Fund next week will pay cash to buy up to 25% of the shares of its stock at 98% of net asset value tendered from April 8 to May 13. IRL stock should do better post-tender. The offer is by KBP Global of Boston, the fund manager. I won't tender but to do so send your shares by mail to PO Box 2042; New York NY 10272-2052 or by fax to (718) 234-5001.

Stocks, mostly Canadian

*Algonquin Power & Energy, AQN, today reported Q1 EPS of 20¢/sh, up by a US penny from last year. Sales topped $634.5 mn, up from prior year Q1 of $464.9 mn up 36.5% but were reported earlier.

*Canada's Aurinia Pharma, AUPH, which I own for its lupus nephritis drug Lupkynis, (in memory of a college classmate) now FDA approved, crashed over 18% to a new low, $10.08, after reporting EPS of minus 40 cents vs minus 23 cents a year ago. The stock is volatile because of rumors it is a target for takeover by Astra-Zeneca AZN and it rose 5.5% yesterday. It has copyrighted its conference call of today, a sign of extreme distress or simply carelessness. It aims to get EU drug approval in partnership with Otsuka and trial its drug for adolescents with results in mid-2022.

*China's Sinopharm's coronavirus vaccine was approved by the World Health Organization.

*Cameco in Canada reported on its Q1 but the big news was that the appeal against its income tax bills of 2003-2006 by the Canadian Revenue Agency (their IRS) was denied by the Canadian Supreme Court. Since potential bills and fines amounted to C$1 bn, this is hugely important. CCJ is up 8.43% on that alone and a double in 2021 to date. It also resumed mining at Cigar Lake after shutting it for covid-19 risks.

Actual Q1 data was more mixed, as compared with Q1 2020, reported yesterday here in loonies and IFRS. Revenues were down to C$290 mn from 346 mn a year earlier and the loss per share was 1¢ vs 5¢, boosted by derivatives trades. The price of fuel and uranium was flat from prior year but a non-IFRS loss of 5¢ vs a gain of 19¢ was taken per share. It CCJ then took an adjusted loss of 29¢ vs a gain for the same amount in the prior year. This is too complicated for a mere yankee like me, so I am leaving the subject for now.

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William K. 4 months ago Member's comment

Bank of England Governor Andrew Baily warns that cryptocurrencies have no intrinsic value and investors “should be prepared to lose all their money” when they invest in them. I figured that out when I learned that they were mining bitcoins with computers, including hijacked computers. Nothing of value as the basis for a currency. That is a lot like the current bais of USA currency sinca abaondoning thr gold standard. Our currency values are based on the integrity of the Federal Reserve bank. I think we are in DEEP TROUBLE now.