Diamonds and Dogs


MRC Global Inc. (MRC)

MRC Global is trading in the red today, down 14.14% at $28.50. The pipe, valve, and fittings company saw its shares fall after news that line pipe sales missed expectations. MRC disclosed that its line pipe sales in April and May would be about $100 million below its prior expectations. The company explained that its major U.S. customers have spent less on line pipe in recent weeks, partly due to reduced drilling activity and lower natural gas liquid prices. MRC shares dropped $4.70 today but were able to stay above their 52-week low of $19.04.

Smithfield Foods Inc. (SFD)

Smithfield Foods is keeping its investors satisfied today, up 28.42% at $33.35. The fresh meat producing and packaging company saw its shares jump after news of a buyout deal. Chinese firm, Shuanghui International Holdings, offered Smithfield $34.00 per share in cash, which values the company at $7.1 billion. Shuanghui stated the reason for the acquisition was that it seeks to take control of Smithfield's popular brands, which include its namesake Smithfield, Eckrich, Farmland, Armour and others. The deal sent Smithfield shares to a new 52-week high of $33.96, intraday.
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.