Diamonds and Dogs
Best Buy was a buy. The diamond of the day goes to Best Buy (BBY) up 15% following better than expected earnings. The guidance wasn't great, the stock is still down 20% since March, but after the last week we'll take it. All the blue chips are rallying today with Apple up 6%, Alibaba up 6%, Gilead up 6%, Amazon up 5%, Netflix up 8%, Facebook up 5%, and Bank of America up 4%. About the only sector not participating in the rebound is the utilities.
Pepco Holdings (POM) is the dog of the day down 14% after the D.C. Public Service Commission denied an application from energy giant Exelon Corp EXC to acquire Pepco in a $6.4 billion deal. The three-member commission voted unanimously to block the deal, saying it was not in the best interests of ratepayers, according to sources. Exelon (EXC) shares fell 3% on the news along with the sector. This has not been a good year for utility companies.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.