Good morning everyone. In case you missed it, here’s what happened in the markets this week. The threat of a government shutdown has subsided (not that the market ever cared). The Dow ended the week positive for the 8th consecutive week. And the threat of the U.S. and China NOT reaching a trade deal before the March 1 deadline (the date when the U.S. is set to increase tariffs on 2 billion in Chinese goods) has waned. President Trump indicated this week he’s open to moving back the deadline if it looks like progress is being made in trade negotiations. Even President Trump declaring a national emergency to build a border wall on Friday could do nothing to faze the markets.
Meanwhile, in Canada…
Canopy Growth, based in Canada, is the largest pot company in the world by market value. In their highly anticipated earnings reported released Thursday Canopy revealed quarterly revenue surged by 282%. Canopy shares have more than doubled in the past year as companies like Aurora and Tilray battle for market share in this growing industry.
However…Perhaps the biggest news to hit a publicly traded company this week is the news that Amazon will NOT be opening their HQ2 in New York. Amazon, under pressure from local activists and politicians, decided to pull the rug out from a project which would have allowed Long Island City to share in an estimated 50,000 new jobs. More on that here.
In other news, Chuck E. Cheese’s swears it does not sell pizza made with leftover pizza slices.
Next week will be a short one with the Markets closed on Monday for Presidents Day. And starting Tuesday 46 more S&P 500 companies including Walmart and CVS Health will report earnings.
Have a great weekend everyone. We’ll see you next week!
*These are the general views of Stanton Burns and they should not be construed as investment advice for any individual. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Stanton Burns does not maintain positions in any securities mentioned as of the writing of this article. Past performance is historical and does not guarantee future results.