Diamonds and Dogs
The Dow heading to 20,000 and chipmaker, Nvidia (NVDA) keeps powering higher up 3.5% to a new high on an upgrade. The Goldman Sachs analyst, Toshiya Hari reiterated a Buy rating with a $129 from $92 price target saying the company has a unique growth story in semis, levered to positive secular trends in gaming, VR (virtual reality), AI. Everything looks rosy for Nvidia.
General Mills (GIS) going to the dogs. The convenient store food manufacturer known for among other things making dog food is down 3% back to a 9 month low after missing earnings and sales estimates. Looking forward, the company lowered organic sales guidance to -3% to -4%, down from prior range of flat to -2%. Consensus estimates for 2017 represent sales decline of 3.5% and earnings growth of 5.5%. Nothing to get too excited about at General Mills.