Diamonds and Dogs
Micron Technology (MU) jumping 2% to new highs following the positive analyst meeting last week when they announced a $10 billion share buyback. Micron is up 53% year to date poised for their best month since December 2009. The rally continues even with reports that China's Ministry of Commerce met with Micron executives to talk about rising memory chip prices, which are squeezing Chinese PC and phone makers. I hope Trump doesn't impose tariffs on chip stocks.
Morgan Stanley (MS) and the banks taking it on the chin. Concerns with the Italian banks started the bank selloff, but Morgan Stanley fell 5% after the head of wealth management, said activity slowed in March and remained slower in April and May, and said the bank will spend more on interest expense. This follows comments from their CEO last week when he said he wanted their wealth management division to grow to a trillion dollars. That's a lot of clients and a lot of fees.