Diamonds and Dogs
11/28/22
Crazy times in China. The casino stocks are higher after China and the Macau government renewed the licenses for the six main casino operators for another 10 years. Wynn Resorts (WYNN) is up 3%. The downside is China continues its policy of lockdowns as COVID cases surge once again. Protests are growing in the major cities including Shanghai as citizens of China grow tired of lockdowns after two and a half years.
Oil stocks are lower. Diamondback Energy (FANG) is down 3% on a downgrade as the price of oil is negative for the year and hit levels not seen since December 22nd 2021. The decline in prices is due to recession fears and more lockdowns in China and protests in the streets of Shanghai. The decline in Diamondback has brought the dividend yield up to 6%.
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