Diamonds and Dogs

4/27/20

May the Fourth be with you. Disney (DIS) is up 3% to a one month high on a number of positive developments. ESPN is saying their Michael Jordan series called, The Last Dance is the highest rated ESPN documentary ever. Disney plus has surpassed 50 million subscribers and will certainly get more as the latest Star Wars movie, The Rise of Skywalker will begin streaming on Disney Plus May fourth, about two months earlier than scheduled.

Déjà vu in the oil patch. Similar to last Monday, the current price of oil is collapsing again as the world's largest oil-backed ETF is getting out of the short-term contracts. Diamond Offshore (DO) is halted as they voluntarily filed for Chapter 11 over the weekend. Apache (APA) and Marathon Oil (MRO) are both down 3%, but the rest of the oil sector is performing better with many of the big cap oils like Chevron (CVX), Exxon (XOM) and Phillips 66 (PSX) trading higher.