Diamonds and Dogs
ETFs keep growing in popularity. Top asset manager, Blackrock (BLK) rose a percent to a new 52 week high following better than expected earnings thanks to the popularity of their iShares ETFs. The company easily beat estimates as assets under management surged 17% to $5.98 trillion as net inflows rose to $96 billion. Wow.
GE can't get out of its own way. General Electric (GE) dropped a percent to a new 52 week low on a downgrade from JP Morgan and concerns the dividend will be cut. GE did make a statement that the dividend is a high priority, but investors are also worried this might be a kitchen sink quarter when GE reports a number of losses in various divisions.