Diamonds and Dogs
Airlines look good. American Airlines (AAL)is up nearly 4% to a new 52 week high after raising second quarter guidance thanks to higher passenger yields. Airliner, UAL (UAL) is up 4% not far from a 52 week high thanks to an upgrade at Cowen with a $82 price target.
Not so fast. The industrial wholesale distributor, Fastenal (FAST) initially rose this morning following better than expected earnings, but then reversed course falling 2% on further news the company was cutting the number of branches in the second quarter by a net 26 to 2,451. That's down nearly 6% vs. a year earlier. Wells Fargo downgraded the stock with a $47 price target.