Diamonds and Dogs
Stop me if you've heard this… new highs let by the financials. Fed Chairman didn't seem to say much, but she certainly got the financial sector moving in the right direction pushing the major averages to new all-time highs. Goldman Sachs (GS), Bank of America (BAC), and JP Morgan (JPM) are at new 52 week highs while Wells Fargo (WFC), AIG (AIG), and Citigroup (C) are within a percent or so of their 52 week highs.Not sure how much higher the major averages or the financials can go.
Sporting goods are struggling. Nike and Under Armour reported disappointing fourth quarter results. Now it's Hibbett Sports (HIBB) turn to miss estimates and lower guidance. The sporting goods retailer that rivals Dicks saw its stock dropped 11% to a new 52 week low after lowering quarterly guidance to 53 cents to 55 cents from estimates of 70 cents. Sales also missed expectations. The guidance for the current year wasn't any better. The stock is down 35% in the last six months so hopefully some of the bad news is getting priced in.