Diamonds and Dogs
Warren Buffett likes Synchrony Financial (SYF). The financial stock is up 3% on news that Warren Buffett and Berkshire Hathaway bought roughly 17.5 million shares as of June 30, worth a little more than half a billion dollars. All the hedge fund, private equity firms disclosed their holdings in the last few days. Synchrony currently trades for 10 times earnings and yields 2%. Buffett's purchase may be adding a kicking to the stock performance going forward.
Another bad day for retailers. Advance Auto Parts (AAP) is down 16%, Coach is down 12%, but the dog goes to Dicks (DKS) down 17% following disappointing earnings and guidance. The sporting goods retailer missed estimates on in-line sales, but then guided lower for the third quarter and the full year. Besides Amazon, one culprit for weaker sales and guidance for Dicks came from slowing gun sales.
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