Cannabis Stocks Won
By Fri, Nov 6, 2020
Hey Scoopers,
The overall market’s story didn’t change much between Wendensad and Thursday, and the market stayed in the green. — More on that in the “Overall Market” section.
Beyond the overall market, one stock got a boost from a more positive prospect about the renewable energy industry’s future. At the same time, it seems consumers have lost their appetite for new credit cards, which has dampened a financial service stock’s revenue. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, the election is already won for cannabis investors. — 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 finished Thursday in the green. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: There is no stop to Bitcoin’s recent momentum. Bitcoin’s price surpassed the $15,000 level. Cryptocurrency bulls project an excellent 2020 for the world’s largest cryptocurrency based on its latest momentum.
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Silver Lining
The overall market’s story hasn’t changed that much. Despite the election results’ uncertainties, investors are on a roll. The market ended the day in the green once again. It is as if investors only look for a silver lining in any situation. Even if we end up without a Republican president, investors presume a Democratic president would push forward with the stimulus checks and a COVID-19 vaccine, and all would be just fine.
Renewable Energy’s Future
So what happened?
Shares of SolarEdge (Ticker: SEDG) were up by more than 12% on Thursday. The company is recovering from a market reaction we spoke about a few days ago. However, it seems the upward movement is not limited to this solar stock. Several other solar companies also had a good day. Investors are excited about the prospect of renewable energy as a whole because they may be counting on a Democratic election winner who would most likely have favorable views of the sector. We still don’t know who the winner is, and investors may be in it for either a disappointment or a boost. Time will tell.
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No One Wants A New Credit Card
So what happened?
Shares of LendingTree (Ticker: TREE) were down by more than 15% on Thursday. The company announced its latest quarterly earnings report. The consumer lending division revenue dropped significantly. Although the revenue in other segments such as home insurance was quite up, investors are worried about its ability to recover from such a rapid decline in revenue in its primary segment. Amidst the pandemic, consumers are not picking up new credit cards and other financial products, and that’s been the primary source of revenue for TREE for quite a long time.
Cannabis Stocks Won
So what happened?
Several cannabis investors were in celebratory mode. While we still don’t know the presidential election’s results, cannabis investors already won. Arizona, New Jersey, South Dakota, and Montana voters all moved to end marijuana prohibition. More than half of the country is now open to medical marijuana use, and 15 estates embraced the recreational use legalization. That’s why several cannabis stocks ended relatively high up in the green. Did you like it? HIGH UP IN THE GREEN?! We can’t help it but using a few cannabis-related puns.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
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
