E Delta Variant Fears Continue

Pres Biden has withdrawn support for a gun control advocate who was disliked by Senators Joe Manchin and Angus King. The jobless level fell to 310,000 whereas the consensus forecast was for 335,000, so risks of inflation are higher. The Delta variant continues to cause fear. 

Hydrogen

To some extent, the impact of the Jewish holiday hiatus was reversed today as the hydrogen alternative to fossil fuel came into focus. The US so far does not have a program for electric vehicle charging, unlike the visible parking area chargers we saw in London. They were funded by Siemens, a German firm, which may not be heavily present in the USA. The hydrogen alternative led to a 1.7% jump in the shares of Schlumberger Ltd (SLB), a Dutch Antilles firm owned mostly by the French. Our Plug Power (PLUG) rose $2.05 as a hydrogen play (up 1.96%). According to the Royal Bank of Canada, Energy Storage from up north is doing a deal on metal hydrogen with SLB. The price of natural gas keeps rising which boosts hydrogen alternatives. Tower Semiconductors, TSEM, which is Israeli, gained 1.57%.

Another bounce came in the business of telephony with Ericsson up 1.44% and Nokia up 1%, ERIC, and NOK

Hands, World, Map, Global, Earth, Globe, Continents

Image Source: Pixabay

Pharma

Drugs were mixed. The White House is aiming to cut prescription drug prices, a negative for pharma. But several firms got breakthrough designations for their products. 

*Astra Zeneca's (AZN) lung rescue combo of albuterol and budesonide met phase III targets. This offset concern about side effects of covid-19 jabs which may lead to lymphoma. Eli Lilly's (LLY) Jardiance got FDA breakthrough status for its heart failure medication. 

*Novo Nordisk (NVO) reported sales up 5% in Danish Kroner and profits up 9% in constant currencies but down 1% in DK. Its Semaglutide now is okayed for weight loss. It raised its full-year outlook to 10-13% in constant Kroner from 6-13% earlier and its profit target was raised to 9-12% from 5%. 

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William K. 2 weeks ago Member's comment

Thorough as usuall, and always good reading..