Diamonds and Dogs
Ferrari (RACE) revving its engines. The luxury sports car maker is up 5% at a one-month high following earnings and news they expect to make more than $1 billion in core profits this year, providing a relative beacon of stability in an auto industry ravaged by the coronavirus crisis. The company did cut its 2020 core earnings, but the Italian firm said it still expects to generate free cash flow for the year.
Berkshire Hathaway (BRKB) down 3% following earnings. After a 35% correction, investors were hoping Warren Buffett would have some encouraging words, but even with $137 billion in cash, Warren said he could not find much value adding a net $1.8 billion to the stock market after selling all his positions in the airline industry. The big airlines like Delta Air Lines, Southwest Airlines, United Airlines and American Airlines Group are all down 7% or more.
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