Today's blog will be another quickie because I also have to do my tables for the last month, having been distracted by the loss of my wallet, ID, and credit cards. The month produced record levels for the Dow-Jones Industrial Average, up 12% even after falling Monday. A record high was also reached by Bitcoin, up 40% in Nov. And online commerce also hit a record of $10.8 bn according to Adobe.

image source: unsplash

We have a reporting company today and plenty of news.

*The reporter is Scotiabank, BNS of Canada which beat on profits but missed on revenues in its Q4 and full year. Bank of Nova Scotia stock rose 3.2% at the opening here. Its adjusted net income hit C$1.38 bn in its Q4, or C$1.45/sh, beating the consensus forecast of C$1.22/sh. The adjustments were for credit loss provisions which fell sequentially but rose from prior Q4. Revenues in Q4 missed by C$100 mn, at C$7.51 bn.

Return on equity was 11.3% vs 13.8% in fiscal 2019-20. Full-year eps was down 25%. Full-year return on equity hit the bank's target of 14%. Operating leverage fell 0.6$. Its CETI capital ratio was flat at 11.8%. Full-year credit loss provisions came in at C$1.13 bn vs forecast C$1.45 and eps was down 25% and full-year net was C$6.853 bn vs prior year's C$9.409 bn. The conference call cited boosts in trading, lending, and underwriting for business customers was up by a third in the most recent FY, at C$2.034 bn. Another winner was global wealth management, up 7% to C$1.297 bn. Digital banking was another strong suit.

BNS declared a 90 loony cents dividend, equal to prior quarters but up from last year. It yields 5.7%. The BNS share opened up 3.2% in US trading. More finance below.

Oilpatch

*Today produced data on US oil and gas production in Sept. The production of gas fell but that of oil rose. So the market went back into bull mode on energy. Schlumberger Ltd SLB rose 3.5% to $21.38 at the opening and later gained more. This despite insider selling of $66,000 reported.

*Despite a lawsuit by environmentalists trying to get Royal Dutch Shell to cut its greenhouse gas emissions to zero before the company's target date of 2050, RDS-B shares rose 3.95% at the opening.

*BP plc BP gained the most, 4.7% at the open.

*Hoegh Limited Partnership, a preferred stock, is using cash to buy back 14,584 mn of the 'phantom' shares out from its brass. This makes our prefs rarer and better backed. The latest Barron's now gives prices for HMLP recommended by Gen. Joe Schaefer.

Finance

*We also own a Banco Santander preferred also now trackable in Barrons, which I tipped. It will appear in the close-of-month table I will publish later today. SAN common gained 6.4% at the opening today, an impressive gain. The gain in Spain is mainly from the bank.

*Currencies did well for us in Nov. but this may turn. Japan's Yen, Korea's Won, and Mexico's peso all rose against the buck, probably because of Trump's post-election.

*While the yellow metal lost traction in Nov. it rose today to back over $1800, and bitcoin reversed course falling $2000.

*For a change both our Japanese financial conglomerates started Dec. with gains, Mitsubishi (MSBHF) up 1.65% and Sumitomo (SMFG) up 1.81%. Both are owned by Berkshire-Hathaway.

*Mexican REIT Fibra Uno gained 2.54% despite FBASF being a play on bucks rather than pesos.

Technology

*After its report, CAE was rated hold or its equivalent by the whole Canadian Bay Street chorus line. It makes training systems for civil and military pilots and was recommended by Patti the Biotech Maven. CIBC broke ranks by predicting a loony dollar higher target price of C$33...

*Japan will get the first Nintendo Studio theme park to be opened by Comcast cmcasa next Feb. 4. Other theme parks will follow for Singapore and Florida if it goes well. California will have to reopen its parks (like Disneyworld) to join the others. Thanks to Abhimanyu Sidodia in India who likes the consoles and games, but today's news came from Comcast. NTDOY dropped 2.9% on the news.

*Finnish Nokia and AT&T T will jointly support rapid 5G Internet of Things deployment in more sectors which will have their own systems, adding to the list to date focused on finance and automobile firms. New IoT offerings will got to transport, retailing, farms, utilities, and local governments. Each will be a separate network. NOK rose 1% on the news.

*Bonus stock Qualcomm's new platform for faster 5G called Snapdragon 888. QCOM also offers IOT.

*NIO of which we sold 2/3 of our stake in two separate moves this year, was re-rated to equal weight from sell by Goldman Sachs. The Chinese company delivered more than double the number of electric vehicles last month as in Nov. 2019, 5,291 vehicles. Its special sauce is batteries as a service, leasing rather than selling batteries so customers can switch them without hanging around to recharge. Despite the good news NIO fell 6.8% overnight as I warned about. Tesla rose.

*Germany broke ranks with western countries by opting to allow Huawei 5G systems to be used in its telephone networks on condition that they are made in Germany. Britain will maintain its boycott.

*Trip.Com gained 5%. TCOM is a play on tourism reviving was tipped by Sanford Bernstein.

*AIG Asia shares rose 4.34% in Hong Kong. The insurer sells all over the Pacific.

*New Geisel recommendation Atlantica Yield rose 2.545. He has another idea coming. AY.

Pharmaceuticals

*India's Dr. Reddy's will do trials for the Sputnik V jab from Russia to help it compete with western vaccines. RDY gained 0.33% on the news.

*The new month boosted Compugen of Israel by 5.3% (CGEN); Grifols of Spain by 3.8% (GRFS); and Zymeworks of Canada by 4.2%. ZYME raised its dividend by 3%.

*TEVA dropped 0.85%.

*Novartis and its sub Genentech got expanded US FDA approval for Xolair to treat nasal polyps. NVS is Swiss.

*Archrival Roche got US FDA ok for its Elecsys test to measure Covid-19 antibodies against the spike protein to help vaccine development. The 1st recipient is Laboratory Corp of America, not Swiss.

Industrials and Materials

*Cemex SA de CV CX rose 8.7% today to $5.01, a new high. It is a Mexican mnc raised to outperform by BBVA yesterday when it traded at $4.6. It yields 2.16% in pesos.

*CRH of Ireland rose 2.55%. Infrastructure spending is expected under Biden.

*Japanese robot-maker Fanuc gained 3.7%. FANUY.

*Chilean Antofagasta rose 4.3%. ANFGF mines copper and has an ADR based on its London price.

*Johnson-Matthey, JPMPLY. which processes and sells platinum group metals for vehicle exhaust cleaning, gained 2.75%.

*Israeli Tower Semiconductor rose 4.51%. TSEM makes chips.