Diamonds and Dogs
U.K. elections good news for National Grid (NGG). National Grid is up 6% after the Labour Party and its leader Jeremy Corbyn's resounding loss in Thursday's election effectively ended the possibility of a broad nationalization of the utility sector. Corbyn was also looking to nationalize the energy supple networks, water companies and telecom to provide free broadband. National Grid had set up offshore holding companies to avoid Labour's manifesto pledge, but the election defeat certainly eases investors' fears.
Investors taking profits in Oracle (ORCL). The software firm is down 3% stuck in a trading range for the last six months on lackluster earnings. Earnings beat by a penny due to a lower tax bill and a share buyback plan. Revenue fell 0.4% to $9.62 billion below expectations. The Oppenheimer analyst had a good comment saying the fundamentals remain challenged and struggles to see enough catalysts for a meaningful move in the stock.