Diamonds and Dogs
NetApp (NTAP) is up 2% on a large share buyback. The data-storage technology pioneer is just under its 52 week high after a positive annual shareholder meeting. The board of directors authorized an additional share repurchase of $4 billion or 23% of their market cap, and projected earnings growth through 2021 of more than 15% annually, as sales rise by "mid-single digits" on a percentage basis. It also said its free cash flow should expand from 19% to 24% of revenue, and it plans to double its dividend. One analyst upgraded the stock with a $72 price target.
A lot of stocks in the crosshairs of a trade war. China warned on Friday it was fully prepared to respond with a "fierce counter strike" of fresh trade measures if the United States follows through on President Donald Trump's threat to slap tariffs on an additional $100 billion in Chinese goods. In light of what he called China's "unfair retaliation" against earlier U.S. trade actions, Trump upped the ante on Thursday by ordering U.S. officials to identify extra tariffs, escalating a tit-for-tat confrontation with potentially damaging consequences for the world's two biggest economies. Boeing (BA) who is looking to break in in the Chinese mainland is down 3% today and down 12% in the last month and a half.