Diamonds and Dogs


ConocoPhillips (COP) is slimming down. The oil conglomerate agreed to sell a 50% stake in their oil sands business in Alberta, Canada to Cenovus for $10.6 billion in cash and 208 million shares of CVE valued at $2.7 billion. Conoco also recently announced the sale of its gas assets in the Western Canada Deep Basin. These divestitures will fetch more than $13.3 billion. Conoco will use the money to reduce its outstanding debt load of $27 billion down to $20 billion. The company will also double their buy back to $6 billion and accelerate the repurchase of its shares.

Lululemon athletica (LULU) looking a little sour. The athletic apparel maker is down over 20% after missing earnings estimates on in line estimates. Revenues rose 12.0% to $789 million. The company issued downside guidance for the current quarter and for the full year. The company is hoping for reaccelerates results in the second half of the year. Lululemon has received at least four downgrades.

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.