Diamonds and Dogs
Chips and storage devices on the rebound. Seagate Tech (STX) is up a percent making a new 52 week high earlier in the day after the company raisied guidance due in part to accounting changes. Seagate now sees quarterly earnings of 94 cents to $1.04 per share verse estimates of 0.86-0.95 cents a share. The accounting change accounts for 9 cents of the higher estimates. Seagate's stock is up 30% in the last two months.
Trade tariffs hitting FedEx (FDX). The express package delivery firm is down 13% back toward its 52-week low following earnings and lower guidance. FedEx is dealing with slowing global growth, trade tensions that are sapping demand for parcel deliveries, no longer doing business with Amazon.com and finally, struggling to integrate a Dutch company it acquired in 2016. Other than that, FedEx is doing great.