Diamonds and Dogs
Charles Schwab (SCHW) one of the few financials trading higher. Schwab is up 2.5% thanks to strong earnings up 39% year over year. Trading activity in the first quarter jumped 40% year over year, while new accounts totaled 443,000, the highest quarterly level in 18 years. New customers for its retail business jumped 42% year over year. Schwab also reported net new assets of $65.6 billion, which the company says implied an annualized growth rate of 7.8%, a level it hasn't seen since 2008.
Good news for Merck is bad news for Bristol Myers (BMY). Bristol is taking it on the chin down 8% not far from a 52 week low after Merck reported great phase 3 results for patients taking their lung cancer drug. Merck appears to be the clear winner so far. Bristol's lung cancer drug also is showing promise, but questions remain until they report their full data.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.