Diamonds and Dogs


The banks are back. The big banks are all up 3% or more led by JP Morgan Chase (JPM) up 4.5% as they announce a $30 billion share buyback plan for 2021 following the Federal Reserve loosening restrictions on buybacks. The $30 billion equates to 7.9% of JP Morgan's outstanding shares. Not bad.

Royal Dutch Shell (RDS.A) taking a hit. The oil giant is down 5% after announcing another write down of between $3.5 billion and $4.5 billion in the fourth quarter, taking the total charges this year above $22 billion. The fourth-quarter charges related to its Appomattox asset in the U.S. Gulf of Mexico, the closure of oil refineries and onerous liquefied natural gas contracts. The price of oil is also lower as Russia is comfortable with OPEC+ increasing production in February.

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