Diamonds and Dogs
Oracle (ORCL) is the oracle in the market today. The cloud computing company rose 4% in a volatile trading day following earnings last night. Oracle beat earnings estimates, but then missed on revenues due to negative currency translations and persistent weakness in traditional software sales. The good news is the company boosted its share buyback program by $10 billion or 6% of their market cap. Good news long term.
Money laundering is never a good thing. Credit Suisse (CS) fell 4% after the lawyers for Georgia's billionaire former prime minister, Bidzina Ivanishvili accused Credit Suisse Group AG of money laundering as they step up their fight with the Swiss bank over its handling of a former wealth manager who allegedly made unauthorized transactions to cover up trading losses. Credit Suisse stock is down over 50% in the last year due in part to slower business and possible bad loans on their books. Throw in a nasty litigation case with a billionaire over improper trades and money laundering and Credit Suisse's management team better find the right solution or they'll be looking for new jobs.