Diamonds and Dogs
Big cap tech is leading the way. Facebook, Apple, Amazon, Netflix and Google have been leading the major averages higher year to date. Facebook (FB) is up a percent on an upgrade with a $165 price target. Google is up 4% on better than expected earnings while Amazon is up 2%. The other FANG stocks, Apple and Netflix are quiet today, but up over 20% year to date.
Columbia Sportswear (COLM) feeling the pain of Amazon. The apparel retailer is down 6% due to soft sales in the U.S. and Canada along with lackluster performance of their own Columbia brand. Canaccord Genuity downgraded the stock saying other retail companies are not buying their inventory due to industry door closures, bankruptcies and still-cautious fall order patterns. The good news is the company has a strong balance sheet with $8 in cash per share.
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