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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

7/29/16

A, B, C, easily as 1.2.3. Google, Alphabet, whatever (GOOGL) is up 4% not far from its 52 week high thanks to better than expected earnings. The company reported earnings of $8.42 per share, $0.38 better than estimates. Revenues rose an impressive 21.3% year/year to $21.5 billion beating estimates. The analysts are falling over themselves to upgrade the stock with price targets of $925, $970, $990, and $1100. Tech is back.
Western Digital (WDC) is taking a break today. The stock is down 12% following earnings. The earnings were actually better than expected as sales rose 9%, but it looks like Wall Street was expecting more. In the short term pricing remains weak, but looking forward analysts see brighter skies for Western Digital thanks to improved cost savings from the Sandisk deal and better supply demand and pricing through the second half of the year and into 2017. Looks like the selloff may be a buying opportunity.
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