Diamonds and Dogs
diamonds and dogs December 5th 2008Friday December 5th, 2008
Shares of many financial companies were higher today, in spite of the dramatic loss of jobs reported in the morning. JP Morgan (JPM) was the leader of the pack, banking a 67 cent gain to $31.75. In a sign of the times, JPM wiped off thousands of workers this week and also announced that they were hired by Ford to help them sell Volvo cars. As a side note, MER shareholders approved their sale to Bank of America for about $20 billion when all is said and done.
Commodity stocks continue to be hammered today. Sunoco (SON) fell over 12% to $21.40 as oil prices plummet. SON cut their fourth quarter and full year profit and sales estimates this morning. Chesapeake Energy (CHK) hit a new low today as well; falling to $10.15 as it looks like no one will ever need natural gas again. CHK has dropped from a year high of $74 per share.
Thursday, December 4th, 2008
It's that time of year, and Mattel is the name once again in toys. Barbie kicked butt today as they won a victory over Bratz. The cat fight ended when a judge ruled in favor of Barbie and barred the Bratz line of fashion dolls. MAT closed up 66 cents to finish the day at $13.86.
Don't call me, I'll call you. AT&T (T) fell today as they announced a 4% reduction in their work force. The 12,000 lost jobs translated into a 91 cent drop in T stock, as T hung up the session at $28.17. T is down from a yearly high of $42.79.
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.