Yahoo Finance A Week of Cannabis Investing Deals & Earnings Reports from GS, BAC, UAL
On today’s episode of Free Lunch, Ryan McQueeney covers the latest Brexit news and Snap’s executive exodus. He also recaps earnings results from Goldman Sachs, Bank of America, and United Air Lines. Later, he discusses a busy week for deals in the cannabis industry.
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Free Lunch is presented by Zacks Investment Research. It is streamed live, four times per week, and features breaking news and analysis from Zacks strategists. Free Lunch is available on YouTube, Twitter, and other major streaming platforms.
Stocks were generally higher in morning trading Wednesday, as impressive earnings reports continued to lift spirits on Wall Street. Today, investors rewarded the after-hours results of United Air Lines UAL, which crushed top- and bottom-line estimates as well as unit revenue expectations.
United’s strong report was met with several impressive announcements from the finance sector before the opening bell on Wednesday. Notably, Goldman Sachs GS cruised past analyst projections and notched solid growth in its investing and lending division, which managed to outweigh weakness in the company’s fixed income division.
Bank of America BAC also proved it could handle sluggishness in fixed income trading, as the bank giant reported a strong earnings beat on the back of great numbers in equities trading and other key business areas.
Bullish results from United and some of the market’s biggest banks hogged the headlines this morning, even as some uncertainties lingered above investors. For instance, U.K. Prime Minister Theresa May is facing another confidence vote this evening, after her latest Brexit deal was convincingly rejected by Parliament on Tuesday. There were also more headaches for Snap SNAP investors today, as the embattled social media firm’s CFO announced his resignation less than one year after taking the job.
On the first half of today’s program, Ryan recaps these headlines from Wednesday morning. Later, he takes a step back and looks at an industry that has been making news throughout the duration of the week.
Indeed, the cannabis business has once again captured the attention of Wall Street, and this time, it has to do with a pattern of deal-making that seems focused on growing the industry in the United States and abroad.
This week, cannabis investors have heard from Canopy Growth CGC, which announced plans to start producing hemp in New York; Aurora Cannabis ACB, a Canadian company that just bought a top brand with some international exposure; Tilray TLRY; and CBD-based drink maker New Age Beverages NBEV.
All of this news is coming just weeks after U.S. lawmakers legalized the production of hemp in the country, opening the door for a foundation to be built in the domestic cannabis industry. Want to hear more about these deals and their motivations? Make sure to check out today’s Free Lunch!
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