Diamonds and Dogs
Good day to go fishing. With the markets taking a hit, Cabela's (CAB) is jumping 7% as the proposed merger with Bass Pro Shops looks to be back on again. Cabela's stock dropped 25% in the first three months of the year after the deal looked to be off only to rebound of late. Finance company, Synovus will now acquire Cabela's banking operation to allow regulators to give permission to the Bass Pro Shop deal. The new deal between Cabela's and Bass Pro Shop is worth $61.50 per share in cash, or about $5 billion. Better than nothing.
Wow, Goldman can go down. The fifth-largest U.S. bank, Goldman Sachs (GS) is down 3.5% to levels not seen since November. Goldman's trading revenue, its biggest contributor to total revenue, dropped 2 percent to $3.36 billion. Equities trading revenue fell 6 percent while fixed income trading was essentially flat. Goldman's results stood in sharp contrast to other big U.S. banks that have reported earnings so far. "It sounds like they had a tough time navigating ... in 1Q," said an analyst "it happens every once in a while for Goldman, but definitely not the norm."