E Stocks Are Jumping

Friday we had a nice surprise which kicked up the stock market. The US jobs report showed that rather than the anticipated decline, in the 2nd half of May 2.5 million non-farm workers were hired. The expected 8.3 million job losses for the month did not materialize. Unemployment levels fell to 13.3%, not something to cheer except against the consensus forecast, which was for 19.5% unemployment rates, the highest since World War II. [Ed. note: The numbers have since been adjusted.]

Naturally the stock markets which love to jump at good news did so Friday, starting in Asia and Europe. By the time Wall Street opened the Dow Jones Industrial Average had achieved a 700 point rally.

Our own readership also won a big gain discussed below and several boosted forecasts. It was a good news Friday.

Danish Novo Nordisk (NONOF) has won a battle against obesity with its injected Semaglutide step one trials on which it reported today. The 2.4 mg injections over 68 weeks led to weight loss in 16.9% or 14.9% of those who got the jab, compared to 2.4% with placebo. The two numbers differ because of compliance changes but are both dramatically higher than those for the placebo arm. 86% of the recipients of the drug lost at least 5% of their weight. The stock has barely budged, because the Copenhagen bourse closed for the weekend before the news came out. Strong buy at $64.06. I just bought some in honor of weightwatchers I know.

Extraction Industries

Other shares rose with the jobs report and hopes for an economic recovery. Chilean Antofagasta gained ~3% in London today where it has its primary listing. Dr Copper is healthy again (although Chile overall is still sick with viruses, it has kept mines open with testing.) (ANFGF)

Schlumberger Ltd (SLB) topped 17% in gains in Europe where it doesn't trade daily, but only rose 9.3% here, to $22.22. SLB results have been poor because a drooping economy needs less oil and gas, which its systems help extract.

BP plc (BP) rose 8.7% to $27.92 because of hopes for more oil demand—despite its offering to reduce the price of North Sea assets it is selling to Premier Oil.

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