Diamonds and Dogs
Finally, a diamond in the oil patch. Cameron International (CAM) is jumping 42% after Schlumberger agreed to buy them out for $12.7 billion. The merger is a bet on a deep water resurgence in oil drilling. Let's hope they are right. On the downside, Transocean (RIG) is down 5% after suspending their dividend while Chevron is higher by 4% following some insider buying. Insider buying may be the key to an oil turnaround.
Not many dogs today on the 3rd biggest up day in history. Last year's IPO, GrubHub (GRUB) fell 6% today following a downgrade from Barclays. The analyst indicated the food delivery service operator will face increasing competition from venture backed startups. Grubhub actually makes money which most recent IPOs can't say, but is 28% since coming public last year.