Diamonds and Dogs
The eyes have it. Mobileye (MBLY) jumped 10% to an 8 month high on news Intel (INTC) and BMW (BAMXY) will hold a press conference on Friday for what is expected to be an announcement that the three will join forces in the development of self-driving cars. Ahead of that announcement, Mobileye added fuel to the fire by approving the repurchase up to 10% of their outstanding shares over the next year and a half. Great news to end the quarter.
Too many vessels in the sea. Shipbuilders are struggling right now over a glut of vessels. Costamare Inc. (CMRE) fell 15% today following a downgrade at Morgan Stanley. Not much the company can do right now. The CEO stated that charter rates and asset values are at historically low levels due to overcapacity. The industry's idle fleet is now up to 7.4%, which is the highest it has been since the financial crisis. Costamare's stock is already down 50% in the last year didn't get any help from Morgan Stanley's downgrade. Thanks for nothing.