E Stock Market Review

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I appear to have suffered a hack attack on my social security account which revealed itself over the weekend. My accountant is looking into it, as it is my tax ID. I got a bunch of messages intended for a lady from the Bronx with my first name, but I am not from the Bronx although I did go to High School there. Oil prices are up, with WTI up 3.7% on more Saudi oil sites targeted by Houthis.

Energy

*Energy Fuels (UUUU), today report on FY 2020 and in which its loss fell to 23¢ from 40¢/sh and from minus $40.6 mn to $ 24.6 mn. It recovered and stockpiled 196,500 lbs of uranium fuel in the year vs the prior year's level of 70,000 lbs, but it did not sell any uranium and has no contracts to do so this year. This year it will recover 30,000 to 60,000 lbs of uranium to be added to inventories and not sold. It plans to sell vanadium oxide this year as prices are rising but will not be producing any. It currently is already refining the first batch of 2,000-3,000 metric tonnes of rare earths found in association with uranium, its new commodity supply chain business, starting with deliveries in the US over the next few weeks. Its working capital more than doubled last year to $40.2 mn and it sold $30.4 mn worth of new shares earlier this year. It has no debt but has collected inventory funding. The share fell 5.83%. While this is a risky play, the prospect of breaking the Chinese rare earths monopoly tempts me.

*Higher oil prices make electric vehicles more sellable. So Chinese NIO is up 1.4%, boosted by a ban on Tesla for government vehicles in the PRC.

*Ormat Tech which crashed last week on the Israeli investigation of its compliance officer and another executive over bribery at a prior employer, recovered after they were ousted, ORA is up 5.9%.

*Schlumberger Ltd is up on a tip by NewEdge analyst Rob Sechan but Royal Dutch Shell (RDS-B) and BP are down. SLB will extract battery-grade lithium at Pure Energy's (Tor-PE) plant in Canada.\

*Atlantica Sustainable Infrastructure plc is up 3.5% today after getting another overweight rating from Morgan Stanley. The part-owner, Canadian Algonquin Power & Ute (AQN), gained 1.22%.

*Mauritian Azure Power is up 1%. AZRE does solar projects in India.

Finance

Today we run a note from our Japan correspondent Chris Loew about a non-Japanese holding.

“Holding different many asset classes with low correlation is a key to diversification. Gold which often spikes when stocks crash is why I use Wheaton Precious Metals (WPM) as a gold holding in my personal portfolio. I prefer it to physical gold exchange-traded funds because ETFs incur storage fees even when they aren't performing well. Miners of gold tend to be underpriced but this reflects the risk they run in developing, maintaining, and operating mines. This is offset by mining companies being able to use leverage as their profits can build up fast once gold prices exceed their costs.

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