Cannabis earnings disappoint; cheaper to buy on black marketPosted: Updated:
Stocks hit record highs last week amid trade optimism that a deal with China is closer. Another round of tariffs is set to go into effect in December if there isn't a deal before then.
Disney shares saw a 7% pop in the middle of the week on the back of 10 million sign-ups in the first day for its new streaming service. Disney+ includes the classics plus new exclusive content like "The Mandalorian." Despite the stock pop, the company faced glitches and errors with the rollout.
Walmart shares hit a record after the company posted a better than expected earnings report. It's grocery delivery business boosted e-commerce sales that rose 41% in the most recent quarter. Same store sales jumped 3%. The company faces stiff competition from the likes of Amazon and Target, which has driven down the cost of delivery and sped up those delivery times. Walmart said it anticipates a "good" holiday season.
It was a big week for cannabis stock earnings. Tilray, Canopy Growth, Cronos and Aurora Cannabis all reported results that sent shares lower. The entire sector is facing the heat with an inventory glut north of the border that is, in turn, leading to price cuts and write downs. One contributing factor is it's still cheaper, and in many cases easier, to buy it on the black market.