Diamonds and Dogs
Crocs (CROX) beat expectations and raised guidance. Crocs easily beat expectations as revenue rose 73% to $625.92 million. Crocs has sold well to the millennials and TikTok-loving Gen Z generation. Due to the simplicity of its shoes, Crocs has been able to move production around. Initially, Crocs was having 70% of their shoes producted out of Vietnam.
IBM (IBM) singing the blues once again. The stock is down 6% dragging the Dow with it following a mixed earnings report. IBM beat estimates as sales were weak once again. In two weeks, IBM will spin off their mainframe business to be called Kyndryl. The remaining segments at IBM will be the cloud business which is where the future growth lies. Management is trying to turn IBM into a growth stock once again. Time will tell.
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