Diamonds and Dogs

11/15/18

The Oracle is buying Oracle (ORCL). The Oracle of Omaha, Warren Buffett was busy last quarter buying $2 billion worth of Oracle Systems (ORCL) and putting $13 billion into US bank stocks including $4 billion into JP Morgan Chase (JPM). Warren Buffett also bought PNC Financial Services (PNC) and insurance play Travelers (TRV) and added to its position in Bank of America (BAC) by 29% and Goldman Sachs Group (GS) by 38%. All six stocks are higher with Oracle up the most, up 3% for the day. The power of the 88 year old billionaire.  

Brexit turmoil hitting the United Kingdom banks. Barclays (BCS) is down 5% to a two year low following concerns the Brexit deal was on the verge of unraveling after several of her ministers resigned on Thursday morning. A no Brexit deal would complicate the way banks do business in the European Union, but an ouster of Prime Minister May would potentially bring the Labour Party's Jeremy Corbyn, a left-wing firebrand to power and create even further uncertainty.