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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

5/23/16

As Phil Mickelson had to give back close to $1 million in capital gains on a stock tip, he should've bought the stock of one of his biggest sponsors, Callaway Golf (ELY). Callaway is jumping over 6% to a new recent high thanks to an upgrade. The golf equipment company is higher thanks to Wunderlich's Rommel Dionisio who upgraded the stock with a $12 price target.  The analyst indicated Callaway seems to have more pricing power and thanks to staggering the release of new products, the earnings growth should be a little smoother going forward. Good news for Callaway.

 

Today's dog is doing the opposite of what their name implies. Tribune Publishing (TPUB) is tumbling over 15% after rejecting a buyout offer from Gannett. The definition of Tribune is an official in ancient Rome chosen by the plebeians to protect their interests. The best interest of Tribune shareholders may be to accept the takeover bid. Gannett has made two offers, the latest bid of $15 a share is 22% higher than their previous offer of $12.25 a share. Private equity firm, Oaktree Capital has been pushing for the takeover while a new white knight, Nant Capital is trying to help Tribune stay independent. I doubt we've heard the last of this deal.

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.