Diamonds and Dogs
BlackRock (BK) leading the financial rally. The ETF leader is up 3% today thanks to better than expected earnings. Blackrock easily beat earnings estimates by 31 cents as sales rose 16% to $3.58 billion. The company reported $6.316 trillion in assets under management versus last year's $5.420 trillion. Tomorrow six large cap banks will report earnings.
Bed Bath & Beyond (BBBY) under pressure. The retailer is having its worst day in history down 19% to a new 52 week low following earnings. The company actually beat estimates by 7 cents on in-line sales, but then lowered full year guidance. The good news is the company does have a $2.5 billion share repurchase program in place (market cap of the company is $2.5 billion) and they will increase their quarterly dividend by a penny to 16 cents for a yeild of 3.6%.