Diamonds and Dogs
Good news, the CEO is getting let go. Media Company, CBS (CBS) is up 3% on news their board is in settlement talks with CEO, Les Moonves to negotiate his exit. The negotiations are tricky as Les Moonves is entitled to over $100 million exit package. There also is the issue of who will take over and what the majority shareholders, Shari Redstone and National Amusements Inc will say. This is the highest level for the stock of CBS in over a month following news that women had spoken out regarding sexual misconduct of CEO Les Moonves.
The chips are taking a hit. DRAM chipmaker, Micron (MU) is down 8% to a six month low after disclosing at a conference today that yes they are seeing weakens in pricing of their NAND chips in the current quarter. The news is also hitting chip equipment maker Applied Materials down 4% and KLA-Tencor (KLAC) down 9% and Lam Resaerch (LRCX) down 6%. Big cap tech is also taking a hit for a second day with Google, Facebook Twitter and Amazon all down 2% or more.