Diamonds and Dogs
Yum China (YUMC) doing well. The operator of fried chicken outlet KFC, Pizza Hut and Taco Bell in China is up 10% following better than expected earnings last night. The company reported earnings of 44 cents a share, $0.06 better than estimates. Revenues did fall 1.5% year/year to $1.28 billion in line with estimates. The company has a network of over 4,400 restaurants in their system that has delivery services that will continue to grow.
Chips are taking a pause. After a big run up, many chips stocks are now consolidating their gains. AMD is down 10% after more than tripling in value in the last year. The chipmaker was downgraded to a sell at Goldman Sachs with an $11 price target. Goldman says AMD's stock seemingly has already priced in a definite improvement in its financial situation and current valuation metrics make it "difficult" to justify.
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