E The Rainbow Sign

*Crosstown competitor Roche, which gained after a deal yesterday, rose another 2.6% yesterday. RHHBY.

*BiolineRX of Israel continues its rise because of new funding, was up another 5%+ yesterday (My US biotechs are up too, Cerus, by 6.3%, Esperion by 6.05% Eyepoint by 5.2% and larger Exelixis 4.2% so it is partly because of the sector. ESPR got coverage and a buy rating yesterday from BTIG Research.)

*Canadian Zymeworks was up ~3% yesterday.

*Novo Nordisk of Denmark gained after it appointed a new head of biopharma yesterday and also bought back lots of NVO stock.

*Teva and Eagle Pharma filed a US patent lawsuit against Mylan and Fresenius over generic Bendeka, a non-Hodgkins lymphoma drug the Israeli firm patented last summer.

Industrials

*BAE System's active sticks which do flight control on Gulfstream G500 aircraft were certified by the US Federal Aviation Administration, the first certification for a civil active interceptor. The UK firm also demonstrated that its patented XTS Guard 5 geospatial exploitation product provided US intelligence organizations with accessible imagery and data they could share. The UK defense stock is under water because of the Saudi Arabian Khashoggi crisis, as Riyadh is a major customer. However, Bernstein brokers argue that it BAESY is “undervalued” and can compound its annual EPS growth by 9% over the next 4 years, mostly in Saudi Arabia. It goes ex-div Oct. 18. It nonetheless rose 2.9% yesterday and is approaching $30.9.

*The planned IPO of Uber at $120 mn next year is boosting the automobile sector all over the highway.

*Swedish Autoliv had a new buy recommendation yesterday which boosted the ALV share price by 2.3%.

*Its Veoneer spinoff, VNE, rose 3.5%. Both are viewed as auto parts suppliers.

*Japan's Fanuc, FANUY, also treated as an autoplay, rose 2.6%.

*Fiat Chrysler, FCAU, also rose ~3%.

Banks

*However firms financing auto purchases did not rise. In fact, banks were weak sisters yesterday.

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Vivian Lewis 3 months ago Author's comment

DearAlpha

Not my invention at all. There is a spiritual called Rise & Shine which tells the Noah story, which all Americans learn to sing as kids. It has the final verse:

Lord gave Noah the rainbow sign

No more water but the fire next time.

That marked the end of the Biblical flood.

Alpha Stockman 3 months ago Member's comment

Interesting term, "the rainbow sign." I like it, did you coin it yourself? I haven't heard it used before.

Moon Kil Woong 3 months ago Contributor's comment

I think it all comes down to quarterly reporting now.