E Virus Nationalism

*Meanwhile a different scandal is hurting the other British drug major, Glaxo. GSK shares lost 0.11% of their value hereafter the company fired former Trump vaccine supremo Moncef Slaoui for allegedly engaging in “totally unacceptable harassment” of women at the firm, which moreover is headed by a woman. Mr. Slaoui is American-educated and a citizen but was born in Morocco. He had been a role model for Muslims.

*Compugen, the Israeli firm, rose 0.2% today. CGEN had been suffering from profit-taking but has been inching up all week.

*Grifols of Spain, a specialist in plasma, is our best performer in drugs this week. GRFS is doing a buyback and gained 1.6% today.

Energy

*The Suez Canal is nearly unblocked and stockpiles are high, with WTI supplies at 1.9 mn barrels, a 5th week with oversupply rising. Gasoline and distillate also is in surplus. So the price of oil is down.

*The usual suspects, however, are up, as the surplus mostly comes from smaller companies. BP plc gained 3.01%; Royal Dutch Shell B (RDS-B) rose 2.37%; and Schlumberger Ltd, 3.52%. SLB won the approval of a $480 mn contract for the Basra field from the Iraq government.

*Azure Power AZRE is up 2.5% today after the Mauritius company making solar panels was written up by Barron's. It was called Indian, which is wrong, and no mention was made of its majority shareholders, the IFC private enterprise arm of the World Bank, and the Caisse de Dépôts retirement fund of Quebec. I wrote to the writer with a correction but of course, we are happy with the price jump.

*Energy Fuels, UUUU, which is stockpiling uranium but extracting rare earths from the ore, rose 1.7% to $6.08, a new high for the Canada small-cap. Its target price was raised to $6.5 today by Roth Capital, but I am not sure if the TP is in US or Canadian dollars. The price quoted is in US money.

*Earthstone Energy shares are up 200% YTD which is nice, but profit-taking means ESTE is down from a 250% gain earlier this month.

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