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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

10/1/18

Good news, the CEO is getting fired. The second time in a month, a prominent CEO is getting fired and the stock is up. General Electric (GE) is jumping 10% after ousted Chief Executive Officer John Flannery will be replaced with outsider and board member Larry Culp. The news is not all good as GE will take a  $23 billion charge to write off in goodwill for power division, primarily from a failed 2015 acquisition. With $115 billion in debt, larger than their market cap, GE has a lot of work ahead of them.

MGM Resorts (MGM) is down 2% on the one year anniversary of the Route 91 Harvest Festival shooting. The CEO for MGM put out a statement today saying, "One year ago, our community suffered an unforgettable act of terror. For MGM Resorts, October 1 will forever be a day of remembrance, reflection and mourning as we struggle to comprehend the incomprehensible – the senseless act of evil that caused such a tragic loss of life, along with the suffering that we know continues." The casinos in general have struggled year to date. Wynn Resorts is down 40% from the April and May highs after the founder and CEO, Steve Wynn stepped down due to allegations of inappropriate behavior.

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.