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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

5/25/17

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.

 

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.