Diamonds and Dogs
Newmont Mining (NEM) one of the few stocks higher today. The gold miner is up 3% following a positive article on Barrons. Barron's calls Newmont one of the most attractive bet on a gold revival and a hedge in the case of mean reversion, or potential geopolitical and economic tremors. Newmont continues to increase its production of the precious metal, and its stock looks cheap. It also carries a 5.2% dividend yield, which means that investors can get paid to wait.
FedEx (FDX) shares drop over 20% as the company signals a global recession. FedEx is having its worst day since coming public in 1978 as the company preannounced bleak preliminary earnings, citing weakening demand in global shipment volumes. FedEx said it will close 90 office locations and five corporate office facilities, defer hiring efforts, reduce flights and cancel projects to cut costs.
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