NEW YORK, November 9, 2018 /PRNewswire/ --
U.S. stock saw a strong week pass by, led by uplifting political
news. The midterm election results drove the market throughout the
middle of the week after Democrats gained control of the House.
Shortly after the results went public, Attorney General
Jeff Sessions resigned at the
request of President Donald Trump.
The news sent the Dow Jones surging by over 500 points. Sessions'
resignation cast a bright spotlight on the cannabis industry,
giving cannabis investors and companies some positive news. His
resignation sent big U.S. stocks like Tilray, Cronos Group and
Aurora Cannabis' shares rocketing. The combination of Sessions'
resignation and the Democrats taking control of the House could
lead to important news for the cannabis industry. Namely, this can
reverse Sessions' decision to rescind the Obama-era policy that
protected states which had legalized cannabis. The Dow Jones surged
almost 1,000 points, or 3.8% since Monday morning. Meanwhile, the
S&P 500 Index rose by 3.38% and the Nasdaq Composite jumped by
3.1%. Square, Inc. (NYSE: SQ), Wynn Resorts, Limited (NASDAQ:
WYNN), ARRIS International plc (NASDAQ: ARRS), The Trade Desk, Inc.
(NASDAQ: TTD), Dropbox Inc. (NASDAQ: DBX)
According to MarketWatch, GMP Securities analyst Robert Fagan wrote in a note to clients: "Dems
will now gain majority control of the powerful House Rules
Committee, which previously acted as a dogged gatekeeper of
positive cannabis reform for the past 2 years under the oversight
of anti-cannabis Republican Pete
Sessions. In our view, these midterm results combined with a
strong pipeline of upcoming catalysts should serve to drive a
decoupling of valuation multiples for the U.S. cannabis sector to
eventually reach a premium over Canadian LP peers."
Square, Inc. (NYSE: SQ) topped analyst's estimates for
its third quarter financial results. Despite the stronger than
expected results, shares dipped by 9% over concerns about the
Company's outlook. For the quarter, Square reported adjusted
revenue of USD 431, increasing 68%
year over year and surpassing estimates of USD 414 Million. The Company reported an earnings
per share of USD 13 cents, also above
analysts' estimates who forecasted for USD
11 cents. Square provided a weaker guidance, concerning
investors about its competition. The Company forecasts earnings per
share of USD 12 cents to USD 13 cents, while analysts are projecting
USD 15 cents.
Wynn Resorts, Limited (NASDAQ: WYNN) shares plunged after
missing its third quarter estimates. Shares fell by 12% after the
opening bell on Thursday. Wynn reported earnings per share of
USD 1.68, while analysts' called for
USD 1.69 per share. Although, Wynn
did top revenue estimates, reporting USD
1.71 Billion compared to the USD
1.66 estimates. The stronger revenue was led the Company's
Wynn Palace and Wynn Macau operations, but Chief Executive Officer
Matthew Maddox sees a slow-down in
the Macau operations, saying it
has been "sporadic."
ARRIS International plc (NASDAQ: ARRS) shares rocketed
after CommScope (NASDAQ: COMM) announced on Thursday its intent to
acquire ARRIS for USD 31.75 per
share, USD 7.4 Billion. The merger
would establish a combined company revenue of USD 11.3 Billion. The two will work together to
advance technology within the wired and wireless communications
market by extending network systems, 5G and Internet of Things
(IoT).
The Trade Desk, Inc. (NASDAQ: TTD) shares plunged
Thursday despite reporting third-quarter earnings and sales above
expectations. The Company earned USD 30
Million, or 65 cents per
share, in the quarter, compared with analysts' expectations of
50 cents per share. Revenue rose 50%
to USD 119 Million while analysts had
called for USD 117 Million. Trade
Desk lowered its guidance from USD 456
Million to "at least USD 464
Million."
Dropbox Inc. (NASDAQ: DBX) shares rose in after-hours
trading on Thursday after reporting a 26% growth in revenue of
USD 360.3 Million from a year ago,
ahead of analysts' estimates of USD 352.8
Million. The Company posted profit of USD 45 Million, or 11
cents per share, while analysts had called for earnings of
6 cents per share. During the last
quarter, Dropbox launched an updated search engine it calls
Nautilus, which takes advantage of machine learning. It also
introduced technology it calls optical character recognition that
lets users search scanned or saved images for text.
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