Diamonds and Dogs
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7/5/24
Macys is jumping 9% as the private groups trying to purchase Macy's boosted their offer for a second time. Investment firm Arkhouse Management and asset manager Brigade Capital Management have now offered Macy's roughly $6.9 billion, or $24.80 a share for the department retailer or $300 million more than the March offer. Macy's has wanted to stay independent as their new CEO, Tony Spring, remains confident the company's turnaround strategy will work.
Bitcoin takes a hit on fears of forced selling hitting the market. Bitcoin is down 3% as a now defunct Mt. Gox exchange which owns $9 billion in bitcoin will have to repay creditors who could then sell their bitcoin after some creditors had to wait nearly 10 years for a resolution. Luckily the price has performed well the last 10 years for these creditors. The U.S. and German governments have also sent large amounts of previously seized bitcoin to exchanges at the end of June for sale as well.
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.