Diamonds and Dogs
Another $1000 tech stock. First, Amazon hit $1000 a share two weeks ago. Now Google or Alphabet (GOOGL) is joining the group. Tech has been on fire this year up 22% with the Nasdaq composite up nearly 18%. Adding up the market caps of Apple, Google, Microsoft, Amazon and Facebook now stands at $3 trillion. Not sure how much more upside there is in these tech stocks.
Herbalife (HLF) takes a hit. The global nutrition stock is down 5% after lowering second quarter sales guidance. The company is blaming the lower sales on new government guidelines, but just a month ago the company was raising guidance. Long time critic, Ackman wants Herbalife to explain recent insider stock and option sales. Ackman also wants the company to clarify reports of recent executive departures. More drama for Herbalife.