Veteran's Day

Today is Veteran's Day, marking the end of World War I, which is celebrated by wearing poppies in Britain, currently while being charged with fraud or misuse of power as a Member of Parliament, to judge from the BBC news we watch every night. 

After yesterday's inflation data the market fell and it is hampered trying to rise today because it is a bank holiday in the US where banks still remember our wars, even if the stock market doesn't. So our stock markets took a tumble today across the board, but not as far down as at the opening.

Of course, the traditional inflation hedge gold went up after the numbers came out yesterday, although I remain a skeptic about more recent cyber stocks as hedges.

person using macbook pro on black table

Image Source: Unsplash

It doesn't take much to boost stock prices these days. Electric vehicle-maker NIO which we own will present Nov. 17 at the Deutsche Bank European stock jamboree after it reduced Q4 guidance last night, cutting estimates of sales to $1.46 bn vs the consensus $174 bn. Astra-Zeneca AZN will also present that morning but rose less dramatically because UK markets are closed. So are Canadian markets which caused a few bumps. 

Israelis, Canadians, and Brits

*CAE fell 8.6% after opening down in double digits. The reason was that an analyst compared this rinky little training company from Canada which teaches pilots how to run airplanes reported EPS of 17 loony cents today. This was up from a loss of 13 cents last year and above the consensus forecast of 16 cents and the stock opened up 19%. However, it did not meet all analyst forecasts on sales which while also up were below the consensus figure of C$896 mn at $814.9 mn. It also said its target for consolidated adjusted operating margins is 17%. It reported on its Q2.w up for its higher sales and earnings by Benzinga yesterday and was tipped for its return on invested capital of 1.02% meaning management allocates effectively. The report was written by a robot. It boosted ORA by nearly 3%. It does geothermal energy production and is Israeli-owned. Israel doesn't do Veteran's Day for WW1 as it didn't exist then. It has long been rated a moderate buy. 

*Johnson Matthey plc, JMPLY here, but British, opted to exit battery materials markets as too unprofitable and fired its CEO after hours yesterday. It still does mine platinum group metals. It was downrated by Jefferies which cut its target price to $10 from 14. 

*Vodafone, a UK telco that serves the rest of the world, gained 1.5% today because VOD announced it would use VM Software's 5G systems for European cellphones. It already has licenses for other VM systems so this is hardly unexpected. But London is closed.

ROW Drug Sellers

*Theravance, TBPH, of the Cayman Islands, revealed that its nebulized COPD drug Yupetr works after phase II trials. Its stock fell3% but now is only down 1% but at a year's low. It is 85% owned by institutions. 

*Merck's women's health spinoff Organon, OGN, lost 7% today after it said it would acquire Finland's Forendo Pharma which makes endometriosis meds for $75 mn up front and up to $879 mn in milestones while also taking on $49 mn of debt. OGN is up 14% since it was added to our holdings. CFRA rates it hold. It fell 9.25% after reporting quarterly earnings of $1.67/sh vs consensus of $1.44 and sales of $1.6 bn vs consensus of $1.588 bn.

*TEVA was written up favorably by New Constructs yesterday but suffers because of hefty insider selling by its mostly Scandinavian top brass who face very high taxes between Israel and their homelands. It should not count. It initially rose over 1.5% but then fell.

*Roche and partner Regeneron got EU authorization for thier covid-19 antibody cocktail and the Swiss firm gained 0.24%. Switzerland was neutral in all known wars since it got its independence. RHHBY.

Energy

*Canadian Solar rose 13.87% after falling yesterday on inflation fears. It sells solar panels made in China which is also seeing price rises. CSIQ hit $41.27 US. 

*I reported on NIO above. It is up 4.32%!

*PLUGPlug Power, is up 10.1% after Truist Bank upped its target price to$44 from $36. 

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