At Last, Some Cannabis News
By Wed, Jul 22, 2020
Hey Scoopers,
The European Union is catching up with the tradition of money printing. — More on that in the “Overall Market” section.
Beyond the overall market, a tech giant from China got bigger, while tech companies’ pandemic growth may be disappearing. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, finally there was news from the cannabis sector. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: Stock market indices didn’t agree on the direction but also didn’t move much on Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price finally moved a bit. There is a technical argument that shows the possibility of a rapid rally or the start of a massive sell-off. With Bitcoin, neither is impossible.
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The Tradition Of Printing Money Got To The EU
The so-called money-printing, or more technically known as a stimulus package, is coming to the EU. Other than that, the Technology sector took a hit, while most other sectors ended the day in the green.
Chinese Tech Giants Are Getting Bigger
So, what happened?
Shares of Tencent (Ticker: TCEHY) were up more than 3% on Tuesday. The company is a giant of online gaming and advertising in China and globally. It announced its quarterly earnings a few days ago, and the results were impressive. Both revenue and diluted earnings per share were up nearly 30%.
Tencent’s sprawling portfolio includes market-leading gaming, mobile messaging, advertising, cloud, and media streaming businesses. The company’s stock price has surged nearly 50% over the last 12 months, and many investors are excited about the Chinese internet giant’s growth potential. It seems China is ahead of most countries in its pandemic recovery, and better numbers are showing up sooner than the rest of the world.
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Pandemic Growth May Disappear In Q3
So, what happened?
Shares of Snap (Ticker: SNAP) were down more than 7% on Tuesday. The company announced its quarterly earnings report. Q2 active users were up more than 17%, and the company managed to grow its revenue with the same 17% growth rate. However, the company found it harder to manage its costs and missed its operating margin target. Despite the company’s several product upgrades and new community partnerships, the CEO’s warned about much lower growth in Q3 that has spooked investors. The pandemic growth may not continue, starting from Snap.
Some News From The Cannabis Sector, At Last!
So what happened?
Amidst Covid-19, its impact on the global economy, and the overall market’s rally, investors have almost forgotten about the cannabis sector. However, things may change. FDA just issued a draft guideline for encouraging cannabis-related research. That means the FDA is streamlining the path for approval of cannabis-based food and drugs.
However, some people in the know, such as Paul Armentano, deputy director of the National Organization for the Reform of Marijuana Laws, aren’t happy about the guidelines and believe there are still too many uncertainties left to be addressed.
The crawl to the legalization is slow but is happening. Patient cannabis investors are still hopeful for the sector’s overall recovery.
Our email address is members@tradestocks.com. Let us know if you are still holding your cannabis stocks. Also, feedback and questions are welcomed, as always.
About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
