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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

10/17/19

So far so good for the banks. Morgan Stanley (MS) is trading up 3% back near three-month high following earnings this morning. Morgan Stanley easily beat estimates as they repurchased $1.5 billion worth of shares during the quarter or 2% of their outstanding shares. Book value and Tangible book value increased 12% year-over-year to $39.73/share. All the big banks are reporting strong numbers and trading near recent highs or all-time highs.

New acquisition, but same old IBM. Big Blue is trading down 6% not far from a nine-month low following third quarter earnings. IBM completed its acquisition of Red Hat for $34 billion. The deal was expected to reignite earnings and sales growth, but as usual IBM beat earnings estimates thanks in large part to share buybacks, but sales once again missed estimates and actually declined 3.9% to $18.03 billion. Maybe its too early for Red Hat to make any difference at IBM, but shareholders are losing their patience.

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.