E Markets Are Spooked

*Atlantica Sustainable Infrastructure, AY, a UK share, lost 4.32% today. It is a holding of our Canada ute Algonquin and recommended for tax-free yields by Harry Geisel. AQN lost 3.34%.

*Ormat Tech, the Israeli-owned Nevada geothermal energy producer, crashed today because of Israeli investigations of board member Ms. Ravit Barnix and its counsel and compliance officer Hezi Kattan, both over their actions at another company where they worked earlier, Shikun & Binui, listed only in Israel. Counsel Kattan, who in Hebrew would be called a gonif, continues to be paid by ORA although they have resigned. A short seller, Hindenburg Research, revealed that the US DoJ required a settlement from ORA over bribery, fraud, and drug money laundering by the duo at their former employer in countries where ORA also operates: Kenya, Honduras, and Guatemala. ORA is listed in Tel Aviv and on the NYSE and has a market cap of $5 bn.

Druggies

*Dr. Reddy's lost another 2.6% today in the premarket after losing 3.1% yesterday. Abhimanyu Sisodia writes: “RDY lost about $125 bn in market cap because India faces a 2nd covid-19 round. In the US it recalled 234,710 500 tablet and 10,044 90-tablet bottles of Alovastin calcium to prevent heart disease; and 16,449 bottles of progesterone (hormone) capsules under an FDA enforcement.” The reason for the recalls was not given by our India reporter but it probably was contamination.

The good news is that “RDY is partnering with Russia to produce Sputnik V covid-19 vaccines which passed phase III trials to cut pandemic growth from 20,000 new cases/day.”

*The EU finally stopped its vendetta against Astra-Zeneca's covid-19 jab with an official ruling that it doesn't create bloodclot risks. However, the EU chief wants to stop exports of virus inoculations. AZN fell 1.04%.

*South Korea's SK Biosciences did an IPO raising $1.3 bn and more than doubled on day one. It is using the AZN jab.

*Glaxo has dosed its first patient in the phase III trial for its twice-annual injection against severe eosinophilic asthma.

*Novo Nordisk will test semaglutide for non-alcoholic steato-hepatitis with Gilead Sciences of the US in phase 2b trials. This boosted French Genfit SA, GNFT which is also working on NASH by 0.21%, to my surprise. It also led to a surprising 1% drop in NVO of Denmark.

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William K. 1 month ago Member's comment

Always interesting, VL.