7 Feb

Midday Update: Checking In on Cannabis Stocks on February 7


Cannabis stocks

On February 7, around midday, the cannabis sector’s performance was largely mixed, with a handful of stocks trading in positive territory and some continuing to decline.

The Horizons Marijuana Life Sciences ETF (HMMJ) was almost flat at noon. Let’s look at how other cannabis players have been trading.

Midday Update: Checking In on Cannabis Stocks on February 7

Stocks in the red

After rejecting Green Growth Brands’ takeover bid yesterday, Aphria (APHA) continued to slide today and was down nearly 3.6% at around noon. Green Growth, on the other hand, was up ~5.5% at around the same time. Besides Aphria, Canopy Growth (CGC) (WEED) was down nearly 1.5%, Tilray (TLRY) was down ~1.8%, and CannTrust (CNTTF) was down ~1% around noon.

Aphria’s board unanimously rejected Green Growth’s offer for reasons discussed in detail in our series Aphria Has Rejected Green Growth’s Takeover Bid—Here’s Why.

Stocks in the green

Cannabis stocks that were trading in the green as of noon included Cronos Group (CRON), which was up ~3.8%. Aurora Cannabis (ACB) was up ~1.5%, and HEXO (HEXO) was up nearly 0.71%. The newly debuted SLANG Worldwide was up nearly 2% in the first half of the day.

Canopy Growth will be reporting its earnings results next week. Read about what analysts expect for the company in What to Expect from Canopy Growth’s Q3 Earnings.

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CrowdStrike (CRWD) fell 9.5% today to close at $54.52. Analyst Walter Pritchard initiated coverage on CRWD with a “sell” rating and a target price of $43.

Micron (MU) stock was up 4.21% on Friday and closed at $45.10. MU was trading 12.2% below its 52-week high of $51.39 for a market cap of $49.9 billion.

Top utility stocks trended lower and lost 1.3% last week. Broader markets were positive but cautious on trade talk optimism, gaining 0.7% last week.

Analyst Ming-Chi Kuo expects Apple to launch the iPhone SE2 in Q1 2020. Priced at $399, it could help Apple gain traction in India and Southeast Asia.

Disney-owned Hulu plans to introduce video downloads, which Netflix has offered for three years. Disney hopes to narrow Netflix’s competitive advantage.

Ireland’s privacy watchdog has concluded its investigation into Facebook over its compliance with the European Union’s data protection law.