Tuesday's Market Minute: The Greenest Week Of Earnings
Cronos Group Inc (NASDAQ:CRON) shares are moving in premarket trading after reporting profitable earnings that missed Wall Street revenue estimates.
It’s the greenest week of earnings: after CRON, a slew of marijuana companies report quarterly results, including Tilray Inc (NASDAQ:TLRY) this afternoon, and Canopy Growth Corp (NYSE:CGC) and Aurora Cannabis Inc (NYSE:ACB) on Thursday. Pot stocks have largely underperformed the overall market even as regulation of the substance becomes more lax across the United States.
The ETF Managers Group Alternative Harvest ETF (MJ) has lost about 23% YTD, and its top holdings include those mentioned above in addition to GW Pharmaceuticals (NASDAQ:GWPH). A bright spot on the cannabis sector, shares of GWPH are up 16% YTD after reporting earnings already last week. The British drugmaker was the first to make a drug derived from an active marijuana ingredient that was approved by the FDA. However, with a more than $40B market cap, it’s on a different playing field than many of the smaller Canadian companies in the space.
In other important news today, President Trump will address the Economic Club of New York today at 12pm ET where he could use the platform for updates on current U.S./China trade negotiations. And Walt Disney Co’s (NYSE:DIS) new streaming service, Disney+ has officially entered the streaming wars, going live hours before the company’s official countdown finished.
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