Diamonds and Dogs
Good news GE, your CEO and Chairman are fired! GE is up 4% on news Chairman and CEO, Jeff Immelt will retire at the end of the year to be replaced with 30 year GE vet, John Flannery. After taking over at the top of the tech bubble, Jeff Immelt do well to expand sales at a number of divisions, spin off GE capital and boost the dividend to shareholders. Unfortunately the stock is has gone nowhere since 2001 and is still down 28% since 2008.
Apple (AAPL) is dragging the averages lower. After the Nasdaq had its second worst day on Friday, the tech index is down again as Apple dropped 3% on a downgrade from Mizuho. The analyst believes the stock has meaningfully outperformed on a year-to-date basis and believes enthusiasm around the coming product cycle is fully captured at current levels, with limited upside to estimates from here on out.