It was a flat and slow day in the Nordic Markets. Shelling by North Korea into its own waters reminded the markets about this underlying risk. US federal authorities are expanding the insider trading investigation on Wall Street. Irish parliament narrowly passed first austerity test as a fuel tax hike was supported by an 82-77 vote. There are a few more such hurdles to come before the budget is approved. Central Bank lowered interest rates once gain.
Clinical solutions provider for radiosurgery and radiation therapy Elektra’s six month interim report came out today. Both the sales and order book showed double digit growth and earnings per share came in a third better than last year. The company maintained guidance and said that it is now clear that growth path has been entered particularly in North America. The stock advanced nearly 10% for the day.
Bavarian Nordic A/S received compliance from FDA on Special Protocol Assessment framework to be applied for a phase 3 study for PROSTVAC in prostate cancer. Thus success in the upcoming study would provide a path to approval. Meda presented data from its recently in-licensed cold sores FDA approved drug Xerese at ASHP. Biogaia said that a new published study shows that Lactobacillus reuteri Protectis reduced regurgitation and improved stomach emptying in infants. Biotie Therapies continues to heavily use the Standby Equity Distribution Agreement with Yorkville at a discount to market value.
Metso received a contract to rebuild Hinton Pulp’s pulp machine in Canada. The contract value is north of 10 million Euro. Sandvik Mining and Construction has received several major orders within the last couple of months for bulk materials handling and continuous mining/crushing systems in South America, Africa and Asia. The total worth of these contracts is about 2.2 billion SEK.
Pöyry’s statutory negotiations resulted in 400 people getting the axe in Finland. The decision was done within the new “operational excellence program framework”. The company will take a 7.5 million Euro restructuring charge for Q4 and estimates 15 million Euro annual savings going forward. Wärtsilä had statutory negotiations ongoing as well. As a result of Wärtsilä’s desire to “implement a global design for all its support functions” a “redundancy need has been verified to be a maximum of 85 permanent employees”. Norsk Hydro will close extrusion plant at Karmøy in 2012.
Nokia Siemens Networks is planning to outsource a part of the device management software development to Tieto. Some of the software developers working in NSN Oulu may move to Tieto’s payroll. Parken’s stock, which had advanced around 50% in a week due to the Abramovich rumours, got a further boost from F.C. Copenhagen’s victory over Panathinaikos last night in the Champions League. The club advanced to best 16, which means a further significant windfall in the order of 25 million DKK for Parken Sport & Entertainment.
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