Home » World » Cannabis stocks collapse after postponed US hearing — TradingView News

Cannabis stocks collapse after postponed US hearing — TradingView News

The following is the stock market ticker for important price movements on the international financial markets and their causes:

9:04 p.m. – A new date for a hearing by the US Federal Drug Administration (DEA) on the classification of cannabis after the election causes the shares of companies concerned to collapse. The shares of Curaleaf CURA, Canopy Growth Cannabis stocks collapse after postponed US hearing — TradingView NewsWEED and Verano Holdings VRNO, for example, is down by as much as 13 percent. The Justice Department has postponed a hearing on the reclassification until December 2. According to experts, it is particularly unclear whether or in what form Republican Donald Trump would push for a relaxation of the regulations at the federal level if he were to win the election in early November. Medical cannabis is permitted in 38 states and recreational use in 24, but is prohibited at the federal level.

20:40 – Accusations by US short seller Hindenburg send the shares of US server provider Super Micro Computer SMCI on a downward spiral. The shares are down three percent on Wall Street. The US analysis company says it has taken a short position – a bet on a falling share price – on the shares. The reason for this is a “manipulation of the group’s balance sheet”. After a three-month investigation, Hindenburg found evidence of undisclosed transactions and non-compliance with export controls, among other things. Reuters was unable to independently verify the claims in the Hindenburg report.

3:00 p.m. – A negative analyst comment puts Hershey HSY shares under pressure. The shares of the Pennsylvania-based candy manufacturer fell two percent to $192.50 before the start of US trading. Analysts at financial services provider Citigroup have downgraded them to “sell” from “neutral”. The price target was lowered to $182 from $195. The reason for this is weaker margins in view of higher cocoa prices and persistently sluggish demand in North America.

2.40 p.m. – A planned share buyback at the Chinese online retailer JD.Com 89618 is popular with investors. The company’s shares, which are listed in New York, climbed 3.5 percent in premarket trading. JD.Com plans to buy back its own shares worth five billion dollars in the 36 months from September. Chinese e-commerce giants are currently trying to ease investors’ worries about the weakening retail market in the People’s Republic with large-scale share buybacks. JD.Com announced a buyback worth three billion dollars back in March. Rival Alibaba BABA plans to buy back its own shares for $25 billion.

11.10 am – A stabilization in ticket prices allows Ryanair RYAI shareholders breathe a sigh of relief. The budget airline’s shares rose by as much as 6.2 percent in Dublin after CEO Michael O’Leary no longer sees any risk of a double-digit drop in average flight prices this summer. “While flight prices fell somewhat in April, May and June, they have now leveled off again,” the CEO told Reuters. In the important quarter from July to September, O’Leary said a price drop of around five percent was realistic. Ryanair shares fell by 15 percent last month when O’Leary warned of a downward trend in flight prices that could exceed ten percent in the summer quarter. This “ugly scenario” has now “seems to have disappeared.”

07.40 a.m. – A downgrade weighs on Daimler Truck, according to a dealer DTG. The truck and bus manufacturer’s shares slipped by 1.6 percent to the bottom of the DAX in premarket trading at Lang & Schwarz. The analysts at Goldman Sachs have therefore set the stocks to “Neutral” from “Buy”.

07.35 am – Continental CON shares rose by 2.8 percent in pre-market trading at Lang & Schwarz, making them the biggest winners in the DAX. According to one trader, the price driver was the upgrade of the stock to “Buy” from “Neutral” by UBS analysts.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.