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.

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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 diseases. CFRA rates it strong buy.

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

*In the UK trading Glaxo gained 3.6% today. GSK.

*Novo Nordisk, which also reported yesterday, gained 2.04%. It is Danish and makes weight loss and diabetes drugs. NVO.

*Oncogene, a new issue, rose 2.2% today in the premarket, OGN.

*Japanese Takeda jumped as much as 4.6% today on no news I can read. TAK.

*Aurinia AUPH gained 4.4% becaust Roche RHHBY may not be the only potential buyer, and because it has a new HIV treatment coming. 

*Thermo Electron rose again after a higher estimate was posted for my largest US shareholding, TMO was rated a buy by Citi analysts.

*Alkermes estimated earnings were chopped by BofA-Merrill to a rise of 12% in Q3 and sales to rise 2.2%, both the lowest in 6 quarters. ALK.

*The brokerage also cut its eps estimates for Ormat, ORA, to 0.22.1/sh from 0.285 cents.

*Zymeworks gained 1.55% today. As usual with ZYME, unless Martin Ferrera tells us what's up we have no idea why.

*But poor Novacure fell another 7.75%. It reported sales of $133.61 mn in its Q3 today and earnings were up 30.44% but still in the red by $8.55 mn. It reported a loss of 13 cents/sh, higher than the consensus forecast of 7 cents. NVCR.

Energy

*Royal Dutch Shell whose RDS-B shares we own fell not only because of the initiative of Daniel Loeb reported yesterday but because its earnings miss at $4.14 bn vs the consensus forecast of $5.42 bn. Only $400 mn of the total came because of Hurricane Ida. However, RDS expects to cut costs in Q4 and recover its earnings strength. It opened down 5.3% but now is only off 2.8%.

*Plug Power rose 8.8% (!) after PLUG contracted with Lhyfe to build hydrogen plants offshore in Europe. Lhyfe now runs a wind farm in France and is building a floating wind turbine offshore from Le Croisic, central Nantes, which is to go live next year. They also plan to hit North America later. It also has subs in Germany, Sweden, Denmark, Holland, and Spain and has under 100 employees. It has a jv with with Renault to feed hydrogen to cars. The duo met at Hyvolution 2021 where they signed a memorandum of understanding to build 165 hydrogen fueling stations. I hope PLUG is courant over the risks of Lhyfe.

*Tower Semiconductor of Israel gained 1.33% today over the shortgages on miniscule US volume. It was not me. TSEM. It is funded by loans issued in the past 2 years.

*French ute Veolia gained 2.6% aujourd'hui. Je ne sais pas pourquoi. VEOEY.

Miscellaneous

*Canadian Nutrien Ltd. was maintained as a buy by TD Ameritrade, a fellow Canadian. NTR.

*Lazard will report tomorrow and is expected to have 95 cents of EPS and may again beat. Last quarter it beat by 45.5%. It manages funds. LAZ.

*Weyerhaeuser the woodcutter also reports tomorrow. It rose 0.9% today on hopes it will beat the .57/sh forecast thanks to housing spending in the US, its largest market.