E The Pot Calls The Kettle Black

*Johnson Matthey was upgraded to bull by UK investorrsintelligence.com chartists and it promptly rose another 75 pence. JMPLY is the ADR of the UK refiner and deals in precious metals, rose yesterday.

*FMC Corp is preparing an NY listing of Livent, its lithium mine at Hombre Muerto in Argentina, hoping to raise $100 mn in an IPO by BofA-MerrillGoldman Sachs, and Credit Suisse. Only 20% of Livent is being sold with the rest retained. It faces competition from Ganfeng and Tianqi, both planning to do offerings in Hong Kong. FMC is stressing that its lithium is used to make lithium hydroxide rather than lithium chloride, for which there is greater demand. But the two lines are not exclusive and our beaten-down Sociedad Quimica y Minera, off 27% year to date, makes both.

*Israeli Tower Semiconductor was upgraded to buy from hold by Standpoint Research. TSEM closed at $21.78. It is able to supply China from its Japanese and Israeli fabs.

Funds

*Swedish Investor whose shares we as a Scandinavian proxy, will help fund the purchase by Atlas Copco of Brooks Automation's US cryogenics arm for $675 mn to boost its vacuum technology edge.

*Our Korea Fund should gain from the new liberal Seoul government decision to replace the export push which is losing steam with domestic stimulus measures. It also is gaining from the bullish tone of the Seoul stock exchange which has gone up more this month than before 2008. The government wants to hire more people for jobs with the post office and the police and increase social welfare and education spending. It only Germany, another surplus earner, would follow suit.

Also boosting South Korea is the fact that the US will continue running war games there because North Korea has not met promises of nuclear cutbacks. Yet the KF share lost 0.35% yesterday.

*The merger of the trio of Advent Claymore funds was completed Aug. 27. As a result of the plan to do this, we exited the global version of its convertible bond and stocks closed-end fund, ACG despite good performance because it had exited our market niche.

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Vivian Lewis 5 months ago Author's comment

I like because I wrote it.

Alexis Renault 5 months ago Member's comment

What was behind this influx to France?

Vivian Lewis 5 months ago Author's comment

tourism