Diamonds and Dogs
Sysco Foods (SYY) looks tasty. The food services company is up 5% to a two month high following better than expected earnings. Sysco reported earnings of 75 cents a share, 2 cents better than expected as revenues rose 2.8% to $14.8 billion ahead of estimates. Sysco made news last week buying out Waugh Foods for an undisclosed amount. East Peoria, Ill.-based Waugh, a food distributor, has about $40 million a year in sales. A good start to the year.
Video game stocks continue to struggle. Electronic Arts (EA) is down 2% today and down 40% in the last six months as their games fail to gain traction. The sensation around the free game, Fortnite hasn't helped things as well. The Super Bowl ratings hit a 10 year low as many teens and twenty somethings switched to Fortnite during the game. Going forward, Electronic Arts has two new franchises coming out, Anthem and Titanfall, along with the newest FIFA 2019, and gaining momentum from Battlefield V.
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