Baby, You Cannot Drive My $220K Car

Source: Resource Investor, Jon Nadler (6/9/11)

"Platinum and palladium continue to march toward higher price ground."

Resource Investor, Jon Nadler

Some of this week's emergent trend toward "No Mas Dinero" from the Fed has raised question about the "wisdom" of certain strategies and bets—say, like the ones made by PIMCO's chief, who this week emphatically predicted there'd be no QE3, while he stands to (via the PIMCO TRF) remain unprofitable—so long as QE3 doesn't land on the scene and doesn't continue to divert money from the fixed income space into equities—mostly commodities. Evidently, the fund manager's amenable to near- and medium-term losses.

Platinum and palladium continued to march toward higher price ground today, with platinum adding $8 to open at $1,829/oz. and palladium climbing to a near three-month peak of $808/oz.

Palladium demand seemed buoyant in European markets this week.

Both metals gained despite the acknowledgement that China will miss its 2011 auto sales forecast, as declining car purchases last month contributed to such perceptions. Albeit, the fall in May's auto demand was rather small (0.11%), it was still the first such countertrend move in over two years.

But there are no such woes with entry level $220,000 Porsche sales in China. With 1.1 million new millionaires looking to rid themselves of nouvelle richesse, the market for these cars there appears to know no bounds.

Analysts blamed auto-sales results on the cessation of government car-buying incentives, in oil price spike and spotty availability of Japanese models. Also contributing to the sales drop was the car-ownership limits China has begun imposing in clogged and polluted cities.

Projections of an additional 10%–15% growth in Chinese auto sales for 2011 will need revision soon, supercar sales notwithstanding. Note that China's overall auto sales showed gains at 46% and 32.4% in 2009 and 2010, respectively. A 2011 gain of just 10% would, thus, be seen as a de facto "crash."

Novavax Shares Shoot 65% Higher on Phase 3 COVID-19 Vaccine Trial's 89.3% Effectiveness
Source: Streetwise Reports (01/29/2021)

Novavax Inc. shares established a new 52-week high after the firm's COVID-19 vaccine demonstrated an 89.3% efficacy rate in a Phase 3 trial in the U.K. and also showed efficacy against the South African variant in a Phase 2b trial.

Abiomed Shares Gain 8% After Firm Announces Record Q3 Revenue of $232 Million
Source: Streetwise Reports (01/28/2021)

Shares of cardiac medical device maker Abiomed Inc. traded higher after the company reported record revenue for Q3/21 despite the impact from COVID-19.

Sorrento Shares Rise 35% After Firm Posts Positive Data from Phase 1b ICU COVID-19 Trial
Source: Streetwise Reports (01/27/2021)

Shares of Sorrento Therapeutics traded higher after the company released positive preliminary results from it of Phase 1b COVI-MSC™ Study for treatment of hospitalized ICU COVID-19 patients.

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Vir Shares Climb 48% on Initial Phase 1 Chronic Hepatitis B Trial Data
Source: Streetwise Reports (01/26/2021)

Vir Biotechnology shares traded higher after the company reported data from its Phase 1 Chronic Hepatitis B Study that showed VIR-3434 significantly and rapidly reduced hepatitis B surface antigen.

Aurinia Pharma Shares Open at 52-Week High as FDA Approves Adult Lupus Nephritis Drug
Source: Streetwise Reports (01/25/2021)

Shares of Aurinia Pharmaceuticals traded 30% higher after the company reported that the U.S. Food and Drug Administration approved its LUPKYNIS™ (voclosporin) for use in treating adults with active lupus nephritis.

AzurRx Doses First Two People in Expanded Phase 2b Trial of Cystic Fibrosis Patients
Source: Streetwise Reports (01/22/2021)

AzurRx BioPharma shares traded 45% higher after the firm advised it had dosed the first two patients in its Phase 2b OPTION 2 Extension Study of MS1819 for treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis.

NGL Energy Shares Rise 21% as It Seeks to Raise $2.05 Billion from Senior Secured Note Offering
Source: Streetwise Reports (01/21/2021)

Shares of NGL Energy Partners LP traded higher after the firm made a series of announcements over the past three days regarding an update on financial operations, a settlement with a customer in bankruptcy, a quarterly Class D unit distribution and a $2.05 billion senior secured debt offering.

Explorer Discovers New Gold Mineralization at Abitibi Gold Belt Property
Source: Streetwise Reports (01/21/2021)

iMetal Resources is setting out to see if the multi-million ounce gold resource next door continues onto its Gowganda West property in Ontario.

Gritstone Oncology Licenses LNP Platform from Genevant Sciences to Develop COVID-19 Vaccine
Source: Streetwise Reports (01/20/2021)

Shares of Gritstone Oncology reached a new 52-week high price after the company advised it entered into a non-exclusive licensing agreement with Genevant Sciences to develop and commercialize self-amplifying RNA vaccines for use against SARS-CoV-2.