Diamonds and Dogs
Sonos (SONO) sounds good. The wireless speaker company is up 8% after reporting a profit and raising guidance. Sales rose 90% year over year to $332.95 million. The higher guidance impressed traders as it comes amid a global shortage of chips that go into Sonos's smart speakers and other products. Morgan Stanley raised the base target price to $47 from $45 with a high of $66 under a bull scenario.
Alibaba (BABA) taking a hit. Chinese Amazon is down 4% while the rest of the market is higher. The company reported a quarterly loss for the first time since 2012. The loss is due to a $2.8 billion fine for monopolistic behavior imposed by Beijing. The real reason is the government wants to rein in their powerful companies and outspoken executives like Jack Ma who went missing for several weeks last year after criticizing certain practices of the communist government of China. Pretty sad.
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