What was lost yesterday was pretty much regained today. Globally there were a number of earnings releases as well and most of them were rather upbeat. In Denmark Novo Nordisk advanced greatly after the FDA rejected Amylin’s diabetes drug Bydureon. This means the drug will not reach market until further trials have been conmpleted and Novo’s drug Victoza will not have the expected competition for now.
In Finland Wärtsilä’s Q3 operating result was 117 million Euro on 1.039 million sales. The result was better than expected and sales a little bit lower. EPS came in at 0.83 Euro and the reaction on the market very positive despite challenging multipliers. Okmetic gave a positive profit warning. Martela was more upbeat than previously concerning its future outlook although still admitted to historically low levels of activity. Nordic Aluminium has clearly turned the corner and reported a nice profit. Tectia continues to flatline and so does Tulikivi. Panostaja writes down environmental technology segment for 1.5 million, right about where it now expects the yearly loss to be at.
Elektrobit communicated that a major customer TerreStar has entered chapter 11 proceedings. Elektrobit says there is very little information regarding its position in the filings so it considers credit loss a possibility. Elektrobit hinted of such possibilities in Q2 report but the language was very vague, almost like a typical business risk filing in more litigated markets. In TerreStar’s press release concerning the chapter 11 filing the company claims it will be able to maintain business as usual due to debtor-in-possession contribution. All and all this does not leave a very good taste as far as risk management and investor communications are concerned (on either side to be honest).
In Norway the state pension fund global rose over 3 trillion kroner on Tuesday for the first time. On the Oslo stock exchange Fara’s result was -3.9 million Kroner. Scana Industrier on the other hand lost 16 million. Both results were somewhat of an improvement to 2009. Peruvian agro industrial company Camposol Holding’s result did not satisfy the markets and its stock price came down over 7%. Kongsberg automotive fared better as it reported its first EBIT improvement in a while.
In Sweden Handelsbanken released a report that was a little better than expectations. The result turned out to be 3.606 million Kronor. The stock lost nearly 5%. Saab was a little below expectations and lost 7%. It also adjusted 2010 profit forecast due to restructuring costs. Tele2 reported a 2.761 million Kronor result and advanced nicely. Cybercom ended the day up over 14% on a 20 million SEK result on Q3. Transcom reported 4.1 million and the stock price lost a lot of ground. Aeerocrine raised a total of 361 million Kronor via an emission and a convertible loan.
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