Tuesday's Market Minute: The Greenest Week Of Earnings

Cronos Group Inc 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 TLRY this afternoon, and Canopy Growth Corp CGC and Aurora Cannabis Inc 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 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 DIS new streaming service, Disney+ has officially entered the streaming wars, going live hours before the company’s official countdown finished.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

Image by 7raysmarketing from Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CannabisEarningsGovernmentNewsRegulationsNew ETFsPoliticsGlobalMarketsTechMediaETFsGeneralcannabis industryetf'sQ3 resultsTD AmeritradeUS-China Trade War
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.