Diamonds and Dogs
Consolidation in the oil patch. Noble Energy (NBL) is up 5% after agreeing to be acquired by Chevron for $5 billion. The deal is accretive and cash flow positive. The downside, Noble was worth 2.5 times more to start the year just six months ago. Ouch.
Profit taking in PetMed (PETS). The surge in pets during the coronavirus helped sales rise 20% as PetMed picked up around 186,000 new customers in the first quarter. However, earnings missed by a penny and with the stock up nearly 100% to start the year, investors are taking profits.
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