Post-Fed Thursday

After Wednesday's close the US Fed indicated that it will fight inflation with more US interest rises than had been outlined earlier. This took down precious metals, which are priced in bucks, because the move will strengthen the dollar. Fastest with a chop (on Kirkland Lake Gold) was Royal Bank of Canada, presumably because Canadian mines will also fact higher costs.

Mining and energy stocks

*Big losers today included Plug Power (PLUG) , down 4.3%; Energy Fuels (UUUU) off 7.7% in UK trading but down only 5+% here. The reason appears to be inaccurate ratings discovered today by RT, a service which tracks ratings.

However oil stocks are up because a higher dollar, the benchmark for oil pricing, means they can charge more. 

*Newly merged Coterra Energy (CTRA) rose nearly 1%. Its  CEO Tom Jorden says he is bullish on oil and natural gas prices, but the company will focus on shareholder returns, including an ordinary and variable dividend. He did admit at a Goldman Energy conference that there are inflationary pressures for labor and fuel in the mid to high single digits. The big news is that Jorden said CTRA will run its first all-electric fracking operation with Halliburton late in Q2.  He also said the Cabot-Cimarex merger is proving slower than expected.

*Shell rose 1.25%. (RDS-A)

*Schlumberger Ltd gained 1.5%. (SLB)

*BP plc however fell 0.63%. (BP)


*Zymeworks of Canada plunged after it named company veteran Ken Galbraith as its new CEO. I think he can step right up and get ZYME's breast cancer drug to market thanks to his experience.

*Exeliixis and Iconic Therapeutics amended their 2019 option and license accord for XB0002-ICON-2, a tissue factor targeting antibody conjugate which gives EXEL the right to use the app for other oncology and general applications in return for a new payment of $55 mn for Iconic to which it no longer needs to give milestones. However it is still required to pay royalties owed to ZYME and Adimab. 

*Teva again rose, as it has every day this year. The Israeli drug firm is no longer being penalized as a wicked distributor of opioids. Others are still in the dock. TEVA

*Your editor was hit with an annual ADR fee for owning Genfit (GNFT) by her broker, now owned by Schwab.

*Japanese TAK, Takeda, gained 0.7% there today. 

*Eli Lilly was upgraded to buy from hold by the consensus today.

Finance and funds

Companies earning in bucks but incorporated abroad and paying dividends in other currencies were big gainers today.

*Lazard, LAZ, a fund manager, rose 1.3%.

*Cathie Woods's ARKK hit a 52 week low as it lost 10% of its NAV year to date. 

*Banco Santander, SAN, gained 2.06%.


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