Diamonds and Dogs
Johnson and Johnson (JNJ) higher on news of a spin off. JNJ is up a percent as the company announced plans on Friday to separate its consumer health division from the rest of the company, spelling the end of the last great pharmaceutical conglomerate. The split will create one of the world's larger consumer healthcare companies, while the stay-behind company will still be the largest healthcare company in the world. The news comes two months before a planned CEO transition, when longtime Johnson & Johnson executive Joaquin Duato is set to succeed Alex Gorsky in the top post. JNJ is joining the list of spinoffs that include IBM, AT&T and GE.
Lordstown Motors (RIDE) is no Tesla. The electric vehicle start up is down 16% after the company announced the delayed of next year's launch of its Endurance electric pickup truck by a quarter, citing parts and materials shortages and other supply-chain issues. The company still faces investigations by federal prosecutors in Manhattan and the U.S. Securities and Exchange Commission related to vehicle pre-orders and misleading investors.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.