Wednesday New Pumping Lows
Markets sold off today on weak durable-goods data. Investors are probably ratcheting down GDP expectations as a result. It is interesting to note recent selling pressure in the biotechs. Is that sector taking a breather in its powerful bull market, or is this the start of something more? Legendary Warren Buffett is back in the news today with the recent Heinz-Kraft merger.
Cannabis stocks churned today on lighter volume than yesterday.
Daily Positive: Progress continues north of the border with announcements from two Canadian LPs. Tweed Marijuana Inc. announced partial exercise of the over-allotment option by underwriters. Tweed could not have raised that amount of money that quickly if not for strong institutional investor support.
Aphria announced that it successfully amended its license with Health Canada to allow for wholesale shipping. We see this as a positive opportunity to provide additional revenue generation, which coincides nicely with the company’s recent announcement about expanding operations.
Wow, the low levels people will reach when trying to manipulate an OTC Pink name are truly fantastic. One brand in particular has been pump-pump-pumping away for weeks. However, we found a new pumping low … pumping the stock on Amazon.com under the ruse of a product review:
Two of three people found that review to be helpful?
The press release that the product “has been restocked at Amazon.com” is inane, but we still worry that people will see it as substantive. Just take a moment to reflect on what the press would be like if every company put out a release every time Amazon.com restocked its products. We would be drowning in even more useless information. As an investor, take the time to dig deeper.