Diamonds and Dogs
Boring is beautiful. Utility company, Duke Energy (DUK) is up 3% to new highs on earnings. Earnings beat by 4 cents as sales fell 0.2% to $6.1 billion. Based in Charlette, Duke Energy expects to boost their capital spending by $4 billion in the Carolinas for infrastructure upgrades to the power grid. The stock is up 10% in the last year not including its 4% dividend.
MGM Resorts MGM) getting hit by the coronavirus. The gaming giant is down 5% after suspending their earnings guidance and announcing the departure of its longtime chairman and chief executive officer, Jim Murren. Management says their growth areas of sports betting, Japan and entertainment have never looked better and their bench of management talent is very deep, but with many of the casinos basically closed over in Macau, there will be a lack of earnings coming out of China this quarter.
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