My secondary website is now operative and for the first time this month, I am able to post a blog without help. The issue however will still not go out automatically, so I will have to hand-deliver it still.

There is news galore so enough about technology. It is clear from the hassles I am having setting passwords for my new TD Ameritrade account, which I have to do 4x a day, that the whole internet is gummed up by security fears and obstacles. Wall Street did not repeat its previous 2-days of rising with the Dow-Jones hit particularly hard because this index is changing its list to include more tech stocks and removing old-timer Exxon (XOM). Unlike other indexes the D-J includes stock based on their share price and stock splits cause them to be lower weighted. This contrasted with bullishness in foreign markets and a lower dollar exchange rate. We have a reporting company and a new share buy.

Reporting company

*Scotiabank, BNS of Canada, reported taking a large provision for credit losses in its Q3 report early today, but it also hinted that the worst of the coronavirus impact on the economy may have passed. Its provisions were taken at 1.36% of its loan book, vs 1.19% in Q2 and 0.47% in Q3 2019. Natch this took down adjusted earnings per share by a huge 55% to C$1.04/sh. Bank of Nova Scotia is more heavily invested in Latin America than other banks from up north.

It also missed a consensus forecast of EPS at C$1.34. However, it beat the revenue forecast of $5.82 bn.

BNS offset this with a 90 loony cents dividend payable on Oct. 28 to shareholders of record Oct. 6. You can also take your dividend in the form of new shares, not from the treasury, but via purchase by Computershare of Canada. This will boost the share price. So BNS stock only fell by 10 loony cents or 0.23% today. The US$ stock was hit harder, falling 20 cents of 0.46%. In the pre-market, the share actually rose (the conference call was at 7 am my time.)

*In the wake of Bank of Nova Scotia, another holding, Banco Latinoamericano de Comercio Exterior, BLX of Panama, gained 2% today. 

Drugs of Choice

*Grifols SA (GIFLF) of Spain is a global specialist in blood plasma-based products. While the current move to use plasma to halt COVID-19 may not work, I think the concept is worth investing in. So buy GRFS on Nasdaq at $16.58. I just placed my order at $16.71. Benzinga's co-host Dennis Dick thinks plasma stocks are discredited by the FDA rush to approve trials. I don't agree and the fact that a Hong Konger who had Covid-19 in April got sick with a different variant last month merely indicates that like regular flu there are variations in coronavirus.

*Google is investing in telehealth by buying Amwell's platform which is not the one we own.

*Israeli high-flyer Compugen (CGEN) added another 64 cents to its share price, up 3.45% today, hitting another 52-week high in less than a week.

*Israeli Teva (TEVA) gained today by 2.5% after it won FDA approval for its lung cancer generic injectable chemotherapy treatment from Activis, Alimta. It bought control of Activis which was responsible for the hefty charges in the US opioid trials, so it helps to see that it also helped people out with generics from that deal. It is used for people with advanced or metastatic non-squamous non-small cell lung cancer which has stabilized after platinum-based chemo.

*Some analysts expect Japan's Eisai will copy Takeda and also sell off its over-the-counter drug portfolio. Using a US fund as a buyer is new as until now Japanese banking groups like our Sumitomo Mitsui Financial Group would have done the financing. TAK and ESALY need the funds to grow their patented drug list with takeovers. SMFG is up 1.65% today despite the US competition.

*Zymeworks (ZYME) from Canada, tipped by local lad Martin Ferrera, is up over 4.5% today on no news.

Finance and Fund Managers

*Standard Life Aberdeen (SLFPF) former co-chief Keith Skeoch has resigned over a boardroom battle but US shareholders are piling in and the stock is up 3.23%. It manages our Aberdeen yield funds.

Energy

*A second hurricane in a row is hitting the US Gulf of Mexico Thursday, Laura after Marco was downgraded to a tropical storm although there was plenty of flooding in the Caribbean.

Ratings

*Nutrien (NTR) was downgraded to neutral from buy by Atlantic Securities. It makes and markets fertilizer and gained from the Belarusian ructions.

*GE rose another 5% pre-market today.

Autos

*Nio was upgraded by UBS to neutral from sell with a target price near its then-current level of $16.3. It rose 12.5% after this.

NIO makes electric vehicles and competes with new competitor Li Auto which just listed and got ripped by Fei Fang of Goldman Sachs and Robic Zhu of Sanford Bernstein. Unlike Tesla and Nio, Li uses a gasoline generator in the care to recharge batteries, so it is not truly green.

*Fiat Chrysler (FCAU) recalled 132m000 vehicles because of a problem of loss of magnetic material on the crankshaft which causes the steering wheel to come off, hitting Ram pickups, Jeep Grand, and Cherokee SUVs. We sold FCAU because I wrong wanted to exit its spun-off Ferrari.