Yesterday, shares of the Canadian marijuana investment firm Cronos Group (NASDAQ:CRON) took an absolute beating. During normal trading hours, the company's stock fell by over 28%, and then it slipped another 6.9% in after-hours trading. What in the world happened?
Cronos' shares cratered yesterday for three separate reasons:
Citron Research's Andrew Left kicked off the downtrend by saying that Cronos is "deceiving the investing public" about its supply agreements with Canadian provinces and that its international footprint isn't as large as some of its chief competitors. As a result, the company might not be an ideal partner for U.K.-based beverage maker Diageo (NYSE:DEO). Diageo has been rumored to be engaging in talks with a handful of Canadian pot companies regarding a possible equity stake, according to BNN Bloomberg. News slipped out yesterday that President Trump has reportedly formed a secret committee to downplay the health benefits of marijuana. This unexpected development seems to pour cold water on the notion that Trump might move to legalize marijuana at the federal level or, at the very least, make it a states' rights issue as promised on multiple occasions. Lastly, Cronos and nearly all of its large-cap marijuana peers have seen their shares prices tear higher over the last two weeks in anticipation of the upcoming legalization of recreational marijuana in Canada this October. In short, this widespread rally was probably ripe for a pullback.Image source: Getty Images.
Top Canadian Stocks To Own For 2019: Credit Suisse Group(CS)
Advisors' Opinion:- [By Joseph Griffin]
UBS Group set a €21.50 ($24.43) price target on AXA (EPA:CS) in a research note published on Monday morning, www.boersen-zeitung.de reports. The firm currently has a neutral rating on the stock.
- [By Dustin Parrett]
Just look at what happened to traders who got involved in the now-defunct VelocityShares Daily Inverse ETN (XIV), a particularly nasty piece of financial engineering created by Credit Suisse Group (NYSE: CS).
- [By Max Byerly]
HSBC set a €27.00 ($32.14) price objective on AXA (EPA:CS) in a research report released on Wednesday. The firm currently has a buy rating on the stock.
- [By Lisa Levin] Gainers Vicor Corporation (NASDAQ: VICR) rose 19.7 percent to $35 in pre-market trading. Vicor posted Q1 earnings of $0.10 per share on sales of $65.2 million. Check-Cap Ltd. (NASDAQ: CHEK) shares rose 13.5 percent to $16.88 in pre-market trading after climbing 104.82 percent on Tuesday. Cree, Inc. (NASDAQ: CREE) shares rose 11.3 percent to $43.81 in pre-market trading as the company reported upbeat results for its third quarter on Tuesday. The Clorox Company (NYSE: CLX) rose 9.6 percent to $125.98 in pre-market trading. Aduro BioTech, Inc. (NASDAQ: ADRO) rose 5.8 percent to $7.25 in pre-market trading after falling 1.44 percent on Tuesday. STMicroelectronics N.V. (NYSE: STM) rose 5.2 percent to $22.42 in pre-market trading after reporting Q1 results. Twitter, Inc. (NYSE: TWTR) rose 5.2 percent to $32.05 in pre-market trading as the company reported stronger-than-expected results for its first quarter on Wednesday. Credit Suisse Group AG (NYSE: CS) rose 5 percent to $17.11 in pre-market trading following strong Q1 results. Harmony Gold Mining Company Limited (NYSE: HMY) shares rose 4.4 percent to $2.02 in pre-market trading. 22nd Century Group, Inc. (NYSE: XXII) rose 4.9 percent to $2.15 in pre-market trading after dropping 8.07 percent on Tuesday. Texas Instruments Incorporated (NASDAQ: TXN) rose 4.1 percent to $102.40 in pre-market trading after the company reported stronger-than-expected earnings for its first quarter on Tuesday. iRobot Corporation (NASDAQ: IRBT) rose 3.3 percent to $61 in pre-market trading following upbeat quarterly earnings.
Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
- [By Stephan Byrd]
Credit Suisse Group (NYSE:CS) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Friday.
Top Canadian Stocks To Own For 2019: Airgas Inc.(ARG)
Advisors' Opinion:- [By Stephan Byrd]
Argentum (CURRENCY:ARG) traded 3.6% lower against the US dollar during the one day period ending at 19:00 PM ET on May 27th. In the last week, Argentum has traded 2.8% lower against the US dollar. Argentum has a total market capitalization of $1.66 million and approximately $610.00 worth of Argentum was traded on exchanges in the last day. One Argentum coin can currently be purchased for about $0.17 or 0.00002374 BTC on popular cryptocurrency exchanges including Cryptopia and CoinExchange.
Top Canadian Stocks To Own For 2019: Canadian Imperial Bank of Commerce(CM)
Advisors' Opinion:- [By Logan Wallace]
A number of firms have modified their ratings and price targets on shares of Canadian Imperial Bank of Commerce (TSE: CM) recently:
6/6/2018 – Canadian Imperial Bank of Commerce was upgraded by analysts at Citigroup Inc from a “neutral” rating to a “buy” rating. They now have a C$130.00 price target on the stock, up previously from C$125.00. 5/24/2018 – Canadian Imperial Bank of Commerce was downgraded by analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating. They now have a C$124.00 price target on the stock, down previously from C$136.00. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target lowered by analysts at Scotiabank from C$131.00 to C$127.00. They now have a “sector perform” rating on the stock. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target lowered by analysts at Royal Bank of Canada from C$141.00 to C$135.00. They now have a “sector perform” rating on the stock. 5/24/2018 – Canadian Imperial Bank of Commerce was given a new C$140.00 price target on by analysts at Eight Capital. 5/24/2018 – Canadian Imperial Bank of Commerce had its price target raised by analysts at Barclays PLC from C$133.00 to C$138.00.CM traded up C$0.59 on Wednesday, reaching C$115.86. 987,570 shares of the stock were exchanged, compared to its average volume of 1,290,708. Canadian Imperial Bank of Commerce has a fifty-two week low of C$103.84 and a fifty-two week high of C$124.37.
- [By Joseph Griffin]
Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) have earned an average recommendation of “Hold” from the twelve research firms that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is C$130.33.
- [By Stephan Byrd]
Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Wednesday, May 23rd, Zacks reports. Stockholders of record on Thursday, June 28th will be paid a dividend of 1.036 per share by the bank on Friday, July 27th. This represents a $4.14 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Wednesday, June 27th.
- [By Logan Wallace]
Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Analysts at Desjardins reduced their Q2 2018 earnings per share estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Wednesday, May 2nd. Desjardins analyst D. Young now forecasts that the company will post earnings of $2.85 per share for the quarter, down from their prior estimate of $2.86.
Top Canadian Stocks To Own For 2019: Thor Industries Inc.(THO)
Advisors' Opinion:- [By Logan Wallace]
Somerset Trust Co purchased a new position in shares of Thor Industries, Inc. (NYSE:THO) during the second quarter, HoldingsChannel.com reports. The fund purchased 3,352 shares of the construction company’s stock, valued at approximately $326,000.
- [By ]
Thor Industries (THO) : "They had expenses and inventory go up and it's been hurt by both. Those are negatives."
Hain Celestial Group (HAIN) : "They had a bad quarter with bad guidance. I can't reassure you here. "
- [By Asit Sharma]
Winnebago's total backlog increased by 36% against the comparable prior year quarter, to $193.1 million. Competitor Thor Industries' (NYSE:THO) quarterly earnings, reported earlier this month, revealed a backlog reduction of 18%. Although Thor's management presented a credible argument that the organization's backlog reduction is due to increased production capability, its shareholders nonetheless have worried over demand trends. Winnebago's own backlog growth provides a more positive data point for those taking stock of the larger RV industry.
- [By Shane Hupp]
News articles about Tahoe Resources (NYSE:TAHO) (TSE:THO) have trended somewhat positive this week, Accern Sentiment reports. The research group scores the sentiment of news coverage by monitoring more than twenty million news and blog sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores nearest to one being the most favorable. Tahoe Resources earned a media sentiment score of 0.07 on Accern’s scale. Accern also gave headlines about the basic materials company an impact score of 48.1975954881896 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the immediate future.
No comments:
Post a Comment