Diamonds and Dogs
Earnings improving for the banks. Bank of America (BAC) is up 2% as their CEO indicated that earnings are set to "substantially increase" from higher interest rates, the Fed loosening restrictions on bank dividends and buybacks and reserves for bad loans coming back in the books. Not a bad time to be a banker.
Tough week for ViacomCBS (VIAC). Viacom is down 5% today and down 33% for the week following an equity offering and a downgrade. Viacom is looking to raise $3 billion with 20 million shares of Class B shares and a billion dollars worth of convertible preferred stock. Moffett Nathanson analyst Michael Nathanson downgraded ViacomCBS to sell from neutral and slashed his price target to $55 from $77. Even after the sell off, the stock is still up for the year.
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