9/18/18 “LIVE” DAY TRADING – #Stocks – Midday Movers: #Cannabis Soars, Consumer Staples Slump…
****Late Day Live trades.. Had a Phenomenal Early range of Trading! Now I’m headed #Kayaking since #HurricaneFlorence has moved on! Hope everyone and Their Families were safe!!!
Cannabis stocks were off to the races again midday after a regulatory announcement, while consumer staples were hit by a double whammy of trade tensions and weak earnings.
Marijuana company Tilray (NASDAQ:TLRY) jumped about 17% at 11:55 AM ET (15:55 GMT).
The U.S. Drug Enforcement Agency agreed to let Canada-based Tilray export #marijuana to the U.S. for a clinical trial on its effectiveness in treating a neurological disorder called essential tremor.
This makes #Tilray the first #Canadian company to import cannabis into the U.S.
Other pot stocks also rallied on the news. #CanopyGrowth (NYSE:CGC) gained about 5%, #Cronos Group (NASDAQ:CRON) rose about 15% and #AuroraCannabis (OTC:ACBFF) was about 4% higher.
Among stocks in the red, consumer staples equities were hit hard after General Mills’ quarterly sales missed estimates and there was pressure on its gross margin.
3GeneralMills (NYSE:GIS) fell about 8%, making it the biggest loser in the S&P #ConsumerStaples Sector index, which fell about 0.5%.
Consumer staples #investors also had to digest the possible impact of tariffs the #WhiteHouse said Monday it would place on 0 billion more of Chinese goods and #China’s announcement this morning that it would retaliate with #tariffs on billion in U.S. imports.
Other struggling consumer staples stocks included 3Kraft #Heinz (NASDAQ:KHC), off about 2%, and #Campbell Soup (NYSE:CPB), which dropped about 2.5%.
$VKTX (+133.8% pre) #VikingTherapeutics stock rockets 140% on positive trial of non-alcoholic fatty liver treatment
$MDGL (-14.6% pre) #Madrigal falls after Viking’s fatty liver disease study hits primary goal – Fly
$CBRL (-5.8% pre) #CrackerBarrel Old Country Store Lags Q4 Earnings and Revenue Estimates – Zacks
$FDX (-2.4% pre) #FedEx Earnings Miss As Costs, Wage Hikes Weigh – IBD
$APOG (-9.9% pre) #Apogee Enterprises Misses Q2 EPS by 9c, Lowers FY EPS Outlook – SI
$AKCA (+4.0% pre) Can patient advocates help make #Akcea the next Sarepta and overcome the #FDA’s rejection? – STAT
$NTNX (+6.1% pre) Google $GOOGL ‘Won’t Compete With Partners’ By Building Private Cloud Offering, Company Says
$V +$MA #Visa, #Mastercard reach .2 billion settlement over card-swipe fees – SI
$RHT (-1.8% pre) JPMorgan Downgrades Red Hat to Neutral 0 PT
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9/18/18 “LIVE” DAY TRADING – Stocks – Midday Movers: Cannabis Soars, Consumer Staples Slump