Diamonds and Dogs
Chips rebounding thanks to Broadcom (AVGO). Chipmaker, Broadcom is up 7% to a two month high following better than expected earnings. Sales rose 13.4% year over year to $5.06 billion. Datacenter demand is driving their growth while margins and cash generation remain strong. The stock took a hit back in July following news they would acquire Computer Associates. Cowen upgraded the stock with a $255 price target.
The rollercoaster ride at Tesla (TSLA) continues. Where do we start with Tesla? First, the CEO went on a radio show podcast and was seen drinking scotch and smoking a cigar with marijuana in it. Then, this morning the CFO decided to resigned after taking the job a month ago. The CFO took the job a day before CEO Elon Musk sent out a tweet that he was considering taking the company private in a buyout at $420 a share. That tweet triggered a series of events that caused chaos at the company, including several lawsuits filed by shareholders and a subpoena from the SEC. The stock is currently down 7% and down 32% in less than a month.
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.