Diamonds and Dogs
Bitcoin and their ETF (GBTC) are all the rage. Bitcoin, the currency, is up 11% to all-time highs above $2,700, now doubling in the last three weeks. The currency has gained more than 45% in one week and up 180% since the start of the year amid strong demand from Asian investors and two digital currency conferences in New York. Bitcoin the EFT is up even more. The ETF is up 28% today and up five fold in the last two and a half months. Bitcoin, the currency, should continue to expand in use and popularity, but how to value the currency as an investment has yet to be determined.
Jennie-O not kind to Hormel Foods (HRL). The food maker is down 5% not far from a 52 week low after missing earnings and sales estimates. Revenues fell 4.9% year over year to $2.19 billion. The biggest culprit came from Jennie-O Turkey Stores where operating profits fell 29%. Hormel is maintaining their fiscal 2017 guidance range, but expect the results at Jennie-O Turkey Store to push full-year earnings toward the lower end of their range.