Diamonds and Dogs
Going to the mattresses. Mattress Firm Holding (MFRM) is springing to life up 114% after agreeing to be acquired by Steinhoff for $3.8 billion. South African retailer, Steinhoff is buying the debt-laden, largest U.S. specialty bedding vendor to cut its exposure to its weak home market and gain a big presence in the world's biggest retail market. The deal will create the world's largest mattress distributor and takes the $23 billion South African retailer across the Atlantic for the first time.
2 for 2 or 0 for 2. Bristol Myers Squibb (BMY) is the dog of the day, back to back down 4% after dropping 15% on Friday on heavy, 14 times its usual volume. Buying on the dip last week did not work as investors' reassess Bristol's outlook. The analyst at Credit Suisse was out today saying the failed trial for a lung-cancer treatment was "too significant and surprising for him to maintain his bullish stance." Longer term, the analyst maintains his bullish stance on Bristol-Myers and their drug pipeline expanding sales and profit margins over the coming years.
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.