World Markets News For Tuesday

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*Exxon XOM is splitting into 3 with its new restructuring move: upstream; chemicals; and low-carbon. It also beat on earnings and met sales targets. The oil company now has Engine No 1, a green outfit, with board seats. 

*Cameco which fell 4.1% was our worst performer. CCJ mines uranium.

*PLUG (Plug Power) gained 3.34% in UK trading because of its hydrogen franchise but promptly lost 1.95% at the US opening for the same reason.

*Ormat ORA was downgraded to hold from buy and its TP cut to .341 from .394. Natch it fell today.


*Neutral Sweden which has a plant making BAE Systems tanks, is sending 152 of these to Slovakia to protect it from Russian moves. BAESY.


*Teva and Morehouse Medical School investigated obstacles to healthcare access for blacks, women, gays, and other under-represented populations. This boosted TEVA shares by 3.44% in Europe and 1.48% here.

*Biogen exercised its option to develop Genentech's simtuzumab with partner Roche. The move gained BIIB 1.04% after a streak of negative stock moves. Roche RHHBY also gained. The drug is to treat non-Hodgkins Lymphoma.

*Our FDA-approved Glaxo's GSK and ViiV's long-lasting HIV treatment which requires only 6 injections annually.

*Merck was upgraded by 1 cent to $1.53 and rated buy rather than hold by the latest consensus. MRK.

*The FDA called for production of a Pfizer PFE vaccine for under 5's against covid-19.

*Novavax says its protein-based covid-19 vaccine COV2373 is 90% effective. The share gained. NVAX.

*Novartis reportedly is selling its generics unit Sandoz which boosted its stock price 1.25%. NVS is Swiss.


*Chilean copper miner Antofagasta ANFGF gained 5.07% in UK trading, our best performer. It had fallen because of fear of a new leftist government.

*AT&T T cut its dividend to pay for graphite production in Hong Kong. This unusual move led to a 5.08% fall in its stock price.


*GE rose 1.08% on good results despite a cut in the consensus forecast to 0.363 from 0.51.

*Tesco TSCO, my largest non-US shareholding, will cut costs by ending night stocking at its stores and also by shutting most of its Jack's discount stores a mere 5 years after buying them. About 1400 jobs will be lost with these moves.

*Mercado Libre of Latin America fell 2.57% today. MELI.


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