Diamonds and Dogs

3/10/25

Merger Monday in the financial sector. A residential real estate company, Redfin Corp (RDFN) agreed to be acquired by Rocket Company, formerly Rocket Mortgage for $1.75 billion. The Redfin stock is up 65% today. The merger combines one of the largest mortgage lenders with a company with more than 2,000 real estate agents across 42 states.

Plenty of dogs today with the markets falling 2% or more. Tesla (TSLA) is down 15%, its worst day in four years, on a downgrade. UBS downgraded the stock to a sell with a $225. Elon Musk has probably done more damage to his publicly traded stock than any other current CEO with his stock down over 50% since the December highs. Last week Wedbush reiterated a buy with a $550 price target and Morgan Stanley has a $430 price target.

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