Diamonds and Dogs
Deere is (DE) sprinting higher. The industrial tractor company is up 3% to a new high following better than expected earnings and guidance. Deere easily beat estimates by 11 cents as revenue rose 27.2% year/year to $5.97 billion. Deere issued upside guidance for Q2 with sales growth of 30-40% above estimates. Deere is also raising full year 2018 guidance with sales expected to grow 29% verse previous guidance of 22%. A good time to be an industrial giant.
Riot Blockchain (RIOT) heading lower. The biopharma company, now cryptocurrency company is down 28% following a CNBC nvestigative report that seems to indicate that just changing your name doesn't change the lousy fundamentals. Riot Blockchain does not have significant revenue from bitcoin business and has cancelled their annual investor conference twice. The CEO was recently found at its largest shareholder's office creating concerns of conflict of interest and inside information. The good news is the CEO was selling his stock at the end of the year 50% higher than current levels. Something tells me this won't end well.