Diamonds and Dogs
Do you like my hat? Cloud software firm, Red Hat (RHT) is in the green up 43% after agreeing to be acquired by IBM to become the world's biggest hybrid cloud software provider. It was a bold move by IBM, but something they had to do to compete against the heavyweights like Amazon, Microsoft and Google for a small share of the cloud market.
FANG stocks down again. Facebook, Amazon, Netflix and Google are trading lower. Amazon (AMZN) is down 4% after reporting weak sales and a lower-than-expected revenue guidance for the quarter that includes the holiday shopping season. The IBM and Red Hat deal also creates more competition for Amazon for their server farm business. Amazon is down over 20% in the last month.