Diamonds and Dogs
It's Cyber Monday and Amazon (AMZN) is up 2% as analysts expect them to capture 50% of all online sales today. Black Friday and Thanksgiving Day total online sales jumped 17.9% over last year to a record $7.9 billion and today could become the largest U.S. online shopping day ever with $6.6 billion in total sales. CEO, Jeff Bezos is now worth more than $100 billion surpassing Bill Gates as the richest man in the US.
Western Digital (WDC) is down 6% to a one month low after Morgan Stanley lowers its ratings on several chip stocks, citing lower flash memory prices and meager earnings growth next year. The analyst said he thinks this is the time to reduce exposure to NAND [flash memory] and Asian semiconductor names as the industry has benefitted from sizeable demand tailwinds and unprecedented pricing power, which we see reversing soon.
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