Cannabis sector mixed
The Horizons Marijuana Life Sciences ETF (HMMJ) was trading slightly lower, down 0.35% while the ETFMG Alternative Harvest ETF (MJ) was up just 0.8%. These movements indicated that the market was struggling to find a direction after Aurora Cannabis (ACB) and Tilray (TLRY) reported their earnings. Both companies reported bigger-than-expected losses during the quarter.
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While the market struggled to find a direction, some stocks were trading higher today. These include Innovative Industrial Properties (IIPR), which was up almost 3.8% around noon while OrganiGram (OGRMF) was trading up about 4%.
HEXO (HEXO), which has been one of the best cannabis stocks in the market with a return in excess of 100%, was also trading higher today with a daily gain of about 3% around noon. On the other hand, CannTrust (CTST)—which reported its earnings on May 14—held on to its positive momentum. The stock was trading 2% higher, and it has now gained nearly 9% since its earnings date.
Glu Mobile (GLUU) stock has lost over 21% in May 2019. However, despite the recent pullback, the stock is still up close to 7% in calendar 2019.
Tilray (TLRY) reported its earnings yesterday with a better-than-expected top line. However, the stock reported a Q1 2019 loss per share of $0.32, which missed estimates of a $0.24 loss per share.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.