Diamonds and Dogs

8/19/22

General Motor (GM) reinstates dividends. GM Is up 2% initiating a 9 cent a share dividend and suspending it during the pandemic. GM Chair and CEO Mary Barra said progress on key initiatives including expanding the company's electric vehicle portfolio and creating a domestic battery manufacturing infrastructure has strengthened GM's confidence in its capacity to fund growth while also returning money to shareholders. Citigroup upgraded the stock with a $87 price target.

Applied Materials (AMAT) lower following earnings. The chip equipment manufacturer beat estimates as revenues rose 5.2% to $6.52 billion. The company provided upbeat guidance even though the memory chip business remains soft as customers reschedule delivery and cancel orders.

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