Diamonds and Dogs
No April Fool's joke, the markets look good to start April and the new quarter. The big banks JP Morgan, Bank of America, and Citigroup are trading up more than 2%. Fifth Third (FITB) is up 2.6% on an upgrade. Amazon is up over a percent on an upgrade. The transportation stocks look good with the airlines (DAL, AAL, UAL), autos (GM,F) and rails (UNP,CSX,NSC) all trading up over 1%. With higher interest rates today, the Utility sector is taking a hit.
Lyft (LYFT) going in the wrong direction. Last Fridays highest-profile IPO of the year is down 10% below its IPO price as insiders take profits and new investors cut losses. While Lyft has many fans, the latest analysts starting their coverage on the stock also note a possibility of growth slowing down. As one analyst put it, following years of significant improvement, we believe market share gains and revenue growth are poised to slow as competitive pressures mount in the ride-sharing industry. I guess it was smart to come public now and cash in or lose that opportunity. It's too bad it came at the expense of new investors.