Diamonds and Dogs
Merger Monday. Mondays certainly haven't been boring of late. Harman International (HAR) is jumping 25% after agreeing to be acquired by Samsung Electronics for $8 billion. The U.S. auto electronics company will instantly transform Samsung into a major player in the highly competitive and rapidly growing market for auto infotainment, software and connected car technology. The deal will put Samsung in a strong position as the race to develop autonomous vehicles barrels forward.
Tech continues to struggle. As the major averages move higher following the Trump win, many of the big cap tech stocks keep moving lower. Three of the four FANG stocks Facebook, Amazon and Google are at 4 month lows, 4 month lows and 3 month lows. Another tech bellwether, Apple is at a 2 month low. As much as it seems like the broader market is over-bought, many stocks and tech stocks seem to be oversold.