🍨 Daily Scoop: Cannabis Stocks Are Up | Trade Stocks

Cannabis Stocks Are Up

By Thu, Mar 26, 2020

Hey Scoopers,

The stock market continued its upward movement thanks to the trillion-dollar stimulus package. However, the jobless claims may stop the upward movement. – more on that in the “Overall Market” section.

Beyond the overall market, for some reasons, the cannabis sector is having a moment during the Covid-19 crash while a retailer from the essential list of companies is struggling to keep investors excited. — more on that in the “What’s Up?” and “What’s Down?” sections.

Oh, by the way, the latest victim of coronavirus is the All-Day-Breakfast menus. — 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: Aside from a small drop in the Nasdaq index, Wednesday turned to be a green day for stock market indices. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: Bitcoin’s price continued in the mid $6,000 range.


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One More Green Day, Before A Possible New Storm.

Investors continued to celebrate the government’s trillion-dollar stimulus package for one more day. However, all eyes are on Thursday’s weekly jobless claims. Millions of new unemployment claims are expected on Thursday. It’s hard to predict what will be the impact. However, the early estimates are in the millions range.

What could happen?

There are three possible outcomes on Thursday:

  • The claims to be in the estimated range by the media, and doesn’t worry investors too much.
  • The claims to land at a much higher range than the estimated range of 2.5 million and investors run for the hills.
  • And, maybe and just maybe, the claim numbers to be a bit smaller than expected and celebrations begin.

As you know, the stock market is a magnifier of the expectations in the short-term, and that’s why no one can predict its direction with confidence. Stay tuned …


What’s All The Excitement In The Cannabis Sector?

So, what happened?

Shares of quite a few cannabis stocks jumped significantly. For example, shares of Canopy Growth (Ticker: CGC) were up more than 8% on Wednesday. One hypothesis is that more time spent at homes means higher demand for recreational cannabis. Another reason could be the announcement by NY Governor on his ongoing plans to legalize cannabis in the state. We don’t know exactly the reasons behind the excitement. Regardless, traders seem to be super excited about it.


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Despite Higher Sales, Investors Are Not Excited.

So, what happened?

Shares of Target (Ticker: TGT) were down more than 9% on Wednesday, despite the fact that the company is among the essential businesses that are left open these days. The company withdrew its outlook due to two opposing forces. Sales are up, as are payroll and operational expenses. Investors didn’t like the higher costs news and the stock has lost its growth momentum.


Oh No, Not The All-Day-Breakfast Menu

So what happened?

Since the Covid-19 market crash, we have been using the “Water Cooler” section for more serious and educational content. But, since the market has taken a breather, we thought it’s time to go back to a less serious “Water Cooler” section.

The All-Day Breakfast menu at McDonald’s (Ticker: MCK) has become the latest victim of Covid-19 market crash. The restaurant chain has halted the offering to simplify its operations for the time being.

We read the news and shed a few tears of sadness. No the All-Day-Breakfast menu … Why do you do this to us Coronavirus? why?

Disclosure: Authors of this Scoop own shares of Canopy Growth (Ticker: CGC) and Target (Ticker: TGT).
About the Author

Brought to you by Hoda Mehr, Editor at Trade Stocks, CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 8,000 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. Subscribe for free here: Stockcard.io