E Market Review For Wednesday, August 26

“As we defend this matter, Teva will maintain focus on its critical role in the U.S. healthcare system, ensuring access to affordable medicines, including helping millions of patients who suffer multiple chronic conditions. One out of every 10 of the 3.69 billion generic prescriptions written in the US each year is filled with a Teva product.” TEVA stock fell nearly 1% today to $9.63/sh in part because analysts believe Teva could have done a deal with the DoJ over the price-fixing charges, but management opted not to out of what Israelis call chutzpah. No mention of high prices or profits.

*Fellow Israeli stock Compugen, CGEN, on which my gain is 7515%, fell 2.83% but then climbed back and then fell 3.2%. I am giving my all time gain here to show how well we sometimes do in real terms, not indexed ones.

*Our return on Japanese Eisai (ESALY) is 697%.

*Belgian Galapagos NV (GLPG) hired our former Italian reporter so we held it for a while, but after I had a lunch date with its Dutch CEO I decided it was too heavily into marketing and too weak in science and put a sell on it. It has collapsed after its arthritis drug filgotinib failed ti get US FDA okay.

*Zymeworks fell another 6.22%. Our Canada reporter Martin Ferera says ZYME options trades did it in because it is trending upward over its 50 day moving average and Boxer Capital has taken a stake.

Finance

*Californian Pimco, a sub of German Allianz SE whose stock we owned, is liquidating its money-losing Emerging Markets Currency & Short-term Investment Fund by year end., It had assets of $2.9 bn at the start of 2020 but because of the virus and panic sales of funds in Brazil, Argentina, and Turkey, Africa, its value ended H1 at $877 mn. In H1, the MSCI Emerging Markets index lost 2%.

*Standard Life Aberdeen, manager of our Aberdeen funds, rose 4.34% despite ructions in its board because its funds here are doing well. FCO (Aberdeen Global Income Fund) gained 7.04% in price and 6.73% in NAV in August and 27% in the past quarter and yields 8.15%. FAX (Aberdeen Asia Pacific Income Fund) rose 27% in the past quarter and yields 8.15% also. FAX is more volatile but is also a very long-term holding for me.

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