Diamonds and Dogs
A 180 in the bank and oil stocks. Goldman Sachs (GS) is 4% and up 90% since November following blow out earnings. The Investment bank earnings beat estimates by 100% as sales rose 102% year over year. Occidental Petroleum (OXY) is up 6% today and up 150% since November following an upgrade. The oil stock has gone from looking like it was going out of business last spring to generating $4.5 billion in free cash flow for 2021 thanks to the rebound in the price of oil.
Profit-taking in Bed Bath & Beyond (BBBY). The retailer is down 10% following better than expected earnings even as sales fell 15.7% year over year. The company increased its three-year share repurchase plan to $1 billion from $825 million. Even with today's pullback, the stock is still up 50% year to date.
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