E No Negative Reaction

Today the impact of the Delta variant hit US GDP which was only 2% annualized, vs estimates of 2.6%, based on Q3 data which came out today. However, the market is not reacting negatively to the news and stocks are higher.

Photo by Annie Spratt on Unsplash

Tech & Tel

We had a major reporting company, Nokia pf Finland reporting in euros. Its data was mixed although the managers were very upbeat all the same, using various metrics and data changes to boost their outlook for the rest of the year and next. While NOK opened up 3.8% wiser heads prevailed and the stock is now only up half that. All data are in euros because I have to cut my working day. The full-year sales guidance was upped thy 1 euro cent to euros 21.7 to 22.7 bn. Operating margins will be 10-12%. EPS om the quarter om non-GAAP was 8 euros cents beating, but non-GAAP eps was only 6 cents. Revenues were up 2.1% to euros 5.4 bn vs last Q3 on sales up only 2% with North American mobile networks a notable laggard along with China. Privatization levels fell 4% y/y and operating magrins fell because of contract loss provisions last year to 7.3% from 8.9%. NOK is now up 1.6% here.

Mobile network sales were up euros 2.3 mn vs a rise of 2.45 mn last year.

*Electric vehicle maker NIO of China got coverage from Sanford Bernstein which expects it to gain 1.2%. It initiated its first battery swap station in Norway, one of 4 planned for the next half year.

*British Vodafone lost another 2.24% today. It operates worldwide. VOD.

Pharma

*Merck MRK will allow emerging market countries to produce its two-pill anti-covid 19 regimen without charging for its patent on Molinipiravir, a very noble move. They will be licensed to product up to 20 mn doses. It is also testing its use against other diseasesCFRA rates it strong buy.

*Raymond James brokerage has stopped being the last TEVA booster and cut its outlook to hold.

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William K. 1 month ago Member's comment

Certainly that "Delta Variant"of the plague hurting the world is once again demonstrating that it is able to adapt quickly. And while a whole lot of folks are already quite dead, it is by no means finished yet. But in some places things go on and some folks prosper. So life goes on for at least a few folks. That is good because those living still need to eat, among other strong habits.