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$214.06 | 59.08 | 38.12% | 59.08 38.12% |
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U.S. stocks on Wednesday ended mostly higher, with the Dow Jones Industrial Average and the S&P 500 index ending within a stone's throw of a fresh record as investors shook off U.S.-China trade-war worries. The Dow rose about 160 points, or 0.6%, at 24,406, closing within 0.8% of its Jan. 26 all-time record at 26,616.71. The S&P 500 index , meanwhile, closed up 0.1% at 2,907, not far from its all-time peak above 2,914. The Nasdaq Composite Index , however, lagged behind its peers, closing about 0.1% lower at 7,950. A rise in yields for the 10-year Treasury note to its highest level since May around 3.08%, helped to lift shares of financial companies, which enjoyed the best performance on the day among the 11 sectors of the S&P 500. A popular fund used to bet on the financials sector, the Financial Select Sector SPDR ETF , rose by 1.8%, representing the best daily gain since July 9. In corporate news, Wall Street focused on shares of Tilray Inc. , which surged in an extremely volatile day, after the U.S. Drug Enforcement Administration signed off on a plan for the company to import a marijuana product to test its effectiveness in treating a disorder that affects millions of Americans. On Wednesday, the stock was halted multiple times after surging by 94% before ending up 38%. The stock has been a trading favorite this past month as investors bet that stocks related to marijuana could see massive growth. Tilray has surged more than 600% over the past month.
Tilray Inc. shares were halted five times in a span of less than an hour as Wednesday's trading session neared a close, with shares zooming between brief small losses and incredibly large gains. Tilray stock was flying high Wednesday, hitting an intraday record high of $300 a share -- a daily gain of 94% that added to a an increase of more than 400% in the past month. However, when shares were halted for a fourth time in less than 40 minutes at 3:33 p.m. Eastern time, they were trading at $168.33, a daily gain of just 8.6%. When they resumed trading at 3:43 p.m. Eastern, shares clawed back to gains of 40% before being halted with about 10 minutes to go in the session. Shares were allowed to begin trading yet again at almost the exact moment the market closed, and recorded a final price in the regular session of $214.06, up 38.1% on the day. The cannabis producer went public in July at $17 a share, and traded in a range from $151.40 to $300 Wednesday after closing at $154.98 Tuesday. In the first few minutes of after-hours trading, shares dropped more than 10%.
Tilray halted yet again
Tilray stock paused for volatility for a fourth time
Tilray resumes trading for a third time
Tilray stock paused for a third time in less than 30 minutes
Tilray shares halted for volatility, restarted, and paused again in past 15 minutes
Shares of Canadian cannabis company Tilray Inc. soared another 38% Wednesday, extending their recent gains as excitement builds ahead of full legalization of marijuana in Canada on Oct. 17. The stock has gained almost 600% in the last month, swept up in a broader rally among weed stocks. Tilray Chief Executive Brendan Kennedy told CNBC late Tuesday that cannabis is a "great hedge" for alcohol and drug companies, which have been sniffing around the sector. Cronos Group Inc. was up 9% premarket and Canopy Growth Corp. was up 5%. S&P 500 futures were down slightly. The S&P 500 has gained about 2% in the last month, while the Dow Jones Industrial Average has gained 2.2%.
Tilray's stock soars 18% premarket, after rocketing 29% on Tuesday
Marijuana stocks are riding a wave of giddy news, with a rally by Tilray reaching a point of absolute hysteria. But don’t get too high on all these surging pot stocks.
Investors shorting stocks related to the cannabis industry have lost $490 million on paper this year, but bets that pot stocks will fall have only increased despite high costs as the sector has rallied.
Here are some of the companies with shares expected to trade actively in Tuesday’s session.
Cannabis-related stocks dropped in after-hours trading following a report that the U.S. may bar Canadians who invest in the companies from entering the U.S.
A Canadian cannabis company was the sole bright spot in the sector on Wednesday, with most stocks falling as investors digested news of a possible U.S. regulatory ban on flavored e-cigarettes.
Hexo has drawn interest from activist investor Riposte Capital, which fears the Canadian medical-marijuana maker will miss out on a frenzy of deal making in the budding industry.
Here are some of the companies with shares expected to trade actively in Thursday’s session.
Companies stand to gain as Canada follows trends seen in those U.S. states where recreational cannabis has been legalized.
Marijuana stocks have been an investor darling this year, with even hedge fund billionaire Leon Cooperman betting his own money in the sector.
Tilray and Cronos continue to rally, as a cannabis investor calls the market “completely irrational.”
Alcoholic-beverage companies are getting into marijuana, giving that sector a big boost, but their own share prices haven’t benefited.
The company's shares surged 93%, traded in the red and saw multiple trading halts, all in one day.
Dow Jones Closes at 26,405.76 on Wednesday
Cannabis stock Tilray (TLRY) soared to a new high of $253.80, up ~60% on September 19. TLRY has risen ~1,390% above its IPO price of $17.00.
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Tilray's wild ride includes three halts, "down" to +8.6%
Since its IPO in July 2018, Tilray shares have soared more than 1,300%.
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Brendan Kennedy added that alcohol and pharma companies would be fools not to invest in the cannabis sector.
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Tilray, Inc. engages in the research, cultivation, production, and distribution of medical cannabis and cannabinoids. Its products include dried cannabis and cannabis extracts. The company was founded on January 24, 2018 and is headquartered in Nanaimo, Canada. (See Full Profile)