Diamonds and Dogs
Chip and chipmakers continue to climb. Applied Materials (AMAT) is up 3% not far from a 52 week high thanks to an upgrade at Bank of Amercia /Merrill with a $80 price target. Applied Materials is one of the leaders in the semiconductor equipment space and has benefitted from the boom in chip demand. DRAM maker, Micron reports earnings tomorrow. We'll see if Micron can keep the party going.
General Mills (GIS) taking a hit following earnings and lower guidance. The Cheerios and other packaged food company is down 9% to a four year low on rising freight and commodity costs. The current quarter performance is benefitting from the recent tax overhaul. To help deal with increasing freight costs, General Mills said that it'll boost the number of qualified freight carriers it has and use different modes of transportation.