Cannabis Comeback
By Tue, Oct 13, 2020
Hey Scoopers,
The tech sector fueled the market on the first day of the week. — More on that in the “Overall Market” section.
Beyond the overall market, one of the largest publicly-traded companies jumped more than 6%, while a 96% growth in another company’s revenue wasn’t enough for a medical company’s investors. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, it seems cannabis stocks are having a comeback. — 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: All three indices started the week in the green. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Just like the stock market, Bitcoin had a good start to the week, and its price rallied to the $11,500 range.
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Tech Sector To The Rescue
Tech stocks brought the party back to the market, and all three indices wrapped the first day of the week excitedly in the green. The rally is a bit strange. The possibility of a stimulus package is still unclear, and the market is getting ready for a new quarterly earnings season. For now, the tech sector has come to the market’s rescue.
Excitement Is Through The Roof
So, what happened?
Shares of Apple (Ticker: AAPL) were up by more than 6% on Monday. Apple’s iPhone event has got everyone sitting at the edge of their chairs. Investors expect the most significant change in the iPhone’s design, and anticipation is pushing the stock price upward. For the world’s largest company to jump 6% in one day, the excitement must be through the roof.
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96% Growth Wasn’t Enough
So, what happened?
Shares of Zynex Inc (Ticker: ZYXI) were down by more than 20% on Monday. This is a small medical device manufacturer that builds pain management devices and already has FDA approval for its product. It is cash-rich and profitable already, which makes us wonder why the stock is down by more than 20%. The company shared that its orders for Q3 2020 were lower than expected and only grew by 96% year-over-year! It seems the COVID-19 pandemic has impacted the companies ability to sell its products. Since its product is an alternative to traditional pain management solutions, the company relies on its direct sales team to educate physicians. It’s harder to sell a new solution over video and phone, which forced the company to bring down its outlook for the year.
Cannabis Stocks’ Comeback
So what happened?
Cannabis stocks are having a good few weeks. For example, Canopy Growth (Ticker: CGC) was up 9% on Monday alone. Tilray (Ticker: TLRY) had a good day too. So did several other cannabis stocks.
What’s driving the sector is the possibility of federal legalization under a democratic president should Joe Biden & Kamala Harris win on November 3rd. It’s also possible that the stocks stayed in the red too long, and it’s easy to nudge them upward with a small good news. The sector is a good one to watch for risk-taker investors.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
Disclosure: Authors of this Scoop own shares of Apple (Ticker: AAPL) and Canopy Growth (Ticker: CGC).
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
