E Sunshine And Grouses

*Ormat Technologies, a US bonus share (NYSE-ORA) revenues beat consensus and hit a record of just under $163 mn in Q3, u[ 16% y/y. It upped its guidance. However net income had to be jiggled (excluding deferred taxes and related expernses) to produce a rise over last year at $23.4 mn or 46¢/sh vs. $16.5 mn or 36¢/sh. The Israel family-owned Nevada producer and operator of geothermal power generating systems and energy recovery signed a significant jv with Toshiba (TOSYY) last month to add flash systems from the Japanese firm to the binary geothermal systems it already offers. The first plant will be in Menengai, Kenya, owned by ORA. ORA opened its phase 2 plant in NV. It will pay 6¢ in dividend. Its Bronicki family director resigned and will be replaced by another Israeli woman.

*Veolia (VEOEYwon 2 Japanese biomass operating contracts jointly with Takeei, a local garbage firm. Together worth sales of euros 90 mn over the 20 years they run, they are a breakthrough for the French water and sewage firm in Japan. VEOEY is one of those lazy French firms Jeb Bush likes to make remarks about.

*Delek Group (DGRLY) is moving its HQ from its modest site in Netanya to finer quarters in posh Herzliya, buying for NIS 250 mn the former Dan Bus Co. office block which will be renamed Beit Delek. It will be 11 times as large and have a display room on the ground floor for the Delek Motors auto importing sub. Delek's low-key chairman Yitzchak Tshuva lives in Netanya. Not because of the move but because the government is going to speed up the development of its Leviathan offshore gasfield, DGRLY is up 3.8% in a restrained market earlier this week. (It is not very sunny in Tel Aviv which has been hit by a first terrible rains and then a sandstorm blocking the sun. I am not sure what conditions are in Netanya or Herzliya which are further north.)

*Agrium (AGU) reports before the opening tomorrow. The consensus is that it will earn 83 ¢ (US) on revenues of $3 bn. AGU.

Light and Service Industry

*Macq uarie upgraded Vodafone (VOD) to outperform with a target price of GBX 235. GBX stands for pence, the trading currency of London, currently about $36/ADR. The stock is up 0.44% on the news. It fell on concerns about hacking last week. UK police will require VOD to hold customer records for a year showing the applications they visited, to stop juvenile delinquent Muslims headed for ISIS.

*Nokia (NOK) was upgraded to outperform by Bank of Montreal on Tuesday. We own Yankee bonds issued by both VOD and NOK.

*Martin also reports that Indivior (INVVY) beat with revenues at $249 mn and EPS of 7¢/sh. The UK firm reports in US$s as its main business is suboxone, a sublingual opioid delivery system. He writes “even after the arrival of a 4th suboxone generic, INVVY retains a 59% share of the US market.” It also has run into delays in its launches in Europe, but raised its guidance: “$990 mn-$1.01 bn in revenues (vs $935-965 mn earlier) on which net income will hit between $215-225 mn (vs $185-210 mn earlier.)” INVVY is suing 6 companies (including Teva) in a Delaware court over FDA applications for generic suboxone. It also won FDA approval of a nasal spray for delivering opioids safely. Nasdaq thinks the share is IZQVF, as it was during the spinoff and warns information is incomplete. Martin, out of Canada, writes on British, South African, and Australian stocks. After leaving his native Zimbabwe (Rhodesia) he lived in all 4 countries.

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