Diamonds and Dogs
Intel (INTC) leads the Dow higher on activist letter. Intel rose 2% to close out the year as Third Point investor Dan Loeb wrote a letter to Intel's board highlighting the need for several changes. Intel replied that they welcome a discussion with Third Point to create future shareholder value.
Profit-taking in a COVID-19 related stock. Etsy (ETSY) fell 2% to end the year following a downgrade the other day. Etsy, an online marketplace for buyers and sellers, was one of the largest beneficiaries of the pandemic, growing sales 100% year over year. However, the analyst over at Stifel said to step to the sidelines as the valuation and a more challenging setup for 2021 with tough comps may cause shareholders to take profits.
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