Diamonds and Dogs

3/12/20

At least one oil company was higher. Occidental Petroleum (OXY) rose modestly as Carl Icahn increased his stake 10% from 2.5% at the end of 2019, telling the Wall Street Journal that he bought the additional shares in recent days. The moves give him additional ammunition as he seeks to replace Occidental's entire board and possibly sell the company or spin off assets.

Disney (DIS) had a tough day. The Mouse house fell 12% on the day as the announced the closing of Disneyland to patrons for the rest of the month. The comment from management said, "While there have been no reported cases of COVID-19 at Disneyland Resort, after carefully reviewing the guidelines of the Governor of California's executive order and in the best interest of our guests and employees, we are proceeding with the closure of Disneyland Park and Disney California Adventure, beginning the morning of March 14 through the end of the month."