Diamonds and Dogs
M&T Bank (MTB) trading higher following earnings. M&T is up 4% to a one-month high following earnings. M&T's earnings were down year over year, but net income came in at $269 million. Sales fell just 2.9% to $1.51 billion. Similar to most banks, M&T rised thier provisions for credit losses to $250 million. Interestingly, M&T repurchased 2.58 million shares of its common stock for a total cost of $374 million. I wonder if those purchases were pre-COVID-19 or in March?
Disney (DIS) hit with two downgrades. The stock is down 2% following two downgrades and news they will stop sending paychecks to more than 100,000 employees, mainly cast members, starting this week in an effort to save more cash as the coronavirus lockdown continues. The UBS analysts said Disney is in the eye of the storm and doesn't expect the theme parks to reopen until January. That may be optimistic.
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