Tuesday Market Coverage

person using macbook pro on black table

Image Source: Unsplash

Here are the drug stock reports which were heavy.


*Zymeworks ZYME which has been dropping lately today was hit with a consensus downgrade to buy from strong buy with a predicted loss on $1.167 rather than the prior estimate of 1.138. It perversely gained 0.42 at the opening but then fell. It will do a webcast about its Horizon GEA gastro-esophageal cancer drug on Nov. 9.

*Thermo Electron fell on the publication of its social responsibility report today. TMO is a US share.

*TEVA initially lost 6.5% on a downgrade. It reports tomorrow and now is down only 2.75%.

*Swiss Novartis beat with earnings up 1.71% to $84.63, vs estimates of 1.63. Its sales beat at $13.03 mn vs an estimate of $13 mn. It reaffirmed its full-year forecast. It may be selling its generics arm, Sandoz. Bestsellers were Cosentyx for psoriasis and Entresto for heart disease. Sandoz common rose 2% but then fell after its Swiss francs were converted into bucks. Its sales were up 3% but eps was only up 1%. Its share is up 1.2%. NVS.

*Ocugen rose over 6% after Its partner Bharat in India reported. OCGN is a new listing.

*Merck reports Thursday. MRK.

*Eli Lilly fell 0.16% on a downgrade of its outlook. Earlier it was up 2.22%. LLY.

*Astra Zeneca reported that its Imfinzi (durvalumab) plus chemo significantly improved progression-free survival for patients with bile trace cancers. AZN.


*Kirkland Lake Gold earnings estimates fell to 0.853/sh from .877. KL. Gold is back under $1800 per oz.

*Swiss ABB now is rated strong buy. IVSBF.

*CBOE which will report Friday on its Sept. quarter has high forecasts, for sales of $365 mn, up 25% from last year and profits of $1.43/sh, up 29% from last year.,,

*Banco Santander is now expected to post earnings of euros 2.03 bn vs 1.75 last year and sales of 11.6 bn vs 11.09 bn last year. SAN.


*Improbable as it seems, New Constructs reported that Vodafone has been understating its earnings by $153.349 mn and its discounted cash-flow by $104,457 mn. The UK share rose 1.2% on the news. VOD.

*Ericsson earnings estimates were chopped to 0.253/sh from 0.257. ERIC.

*Microsoft gained 0.82% yesterday after reporting a revenue beat of 18% and an EPS beat of 13%, at $44 bn and $2.07 respectively. MSFT.

*Naspers of South Africa is now expected to cut its divvy but before that was predicted it rose 14.27% in UK trading to $35.8. NPSNY.


*Cosan is expected to suffer for being Brazilian according to Ford Equity Research and CZZ stock fell nearly 6% on the news.

*Orbia will report tomorrow. It is Mexican and not well covered by our broker. MXCHY.

Oil and its users

*NIO is rumored to be overbought by Options Trading. It tends to follow other carmakers.

*Royal Dutch Shell today revealed that it has bought back 1.050 mn of its B shares for $17.756-18.016/sh. Its own shares are equal to half a listed share. It also began its offshore Arran field gas condensate and oil production. It bought a large number of US gas stations, mostly in Texas, which have attached groceries, and challenges to our Alimentation Couche-Tard which also has a portfolio of highway groceries. ANCUF stock fell over 2% at the Shell news.


How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.