Diamonds and Dogs
A good year for oil. ConocoPhillips (COP) is up 3% near yearly highs after adding $1 billion to its share buyback program for 2021, boosting its planned distributions to shareholders for the year to about $6 billion, or 7% of its current market cap. In a statement released ahead of an investor day, the energy company said it is increasing its expected synergies and savings from the acquisition of Concho Resources to $1 billion annually.
Downgrade for Virgin Galactic (SPCE). The stock is down 6% on a Bank of America downgrade. The analyst said while the company will benefit from the commercial space race, the recent surge in the stock is pricing in a lot of good news amid rising competition. Virgin Galactic has yet to set a date for commercial service. Richard Branson is expected to take a fully crewed test flight sometime this summer.
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