Diamonds and Dogs
A new age for New Age Beverage (NBEV). The functional medical beverage company is up 18% after announcing a distribution agreement with Walmart for their Marley brand of beverages. New Age acquired Marley in mid-2017 and in 2018. The company's partnership with Walmart is its first national distribution deal. Along with the deal, New Age is taking advantage of the rally to file a $200 million mixed securities shelf offering. Smart.
Boeing (BA) cut production. Boeing is down 5% after temporarily cutting 737 MAX production rate from 52 airplanes per month to 42 airplanes per month. Bank of America downgraded the stock to Neutral from Buy with a price target of $420 saying the Boeing problems are no longer a simple software fix. The Jefferies analyst on Friday said this proactive move will reduce revenue by $550M and free cash flow by $150M per month. That's not chump change.