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CGC

Canopy Growth

$39.72

0.02 (0.05%)

, ACRGF

Acreage Holdings

$0.00

(0.00%)

07:09
06/27/19
06/27
07:09
06/27/19
07:09

Canopy Growth and Acreage implement Plan of Arrangement

Acreage Holdings (ACRGF) and Canopy Growth (CGC) are implementing Acreage's previously announced arrangement under section 288 of the Business Corporations Act with Canopy Growth. Acreage articles have been amended to provide Canopy Growth with the option to acquire all of the issued and outstanding shares in the capital of Acreage, with a requirement to do so, upon a change in federal laws in the U.S. to permit the general cultivation, distribution and possession of marijuana or to remove the regulation of such activities from the federal laws of the U.S. Canopy Growth is permitted to waive the Triggering Event. Holders of Acreage Shares as of June 26 are entitled to receive approximately $2.63, being their pro rata portion of $300M paid by Canopy Growth to such persons as consideration for granting the Canopy Growth Call Option. It is expected that the Option Premium will be distributed to such holders of record on or before July 3. Acreage will continue to operate as a stand-alone entity and to conduct its business independently, subject to compliance with certain covenants contained in the Arrangement Agreement and the Subordinate Voting Shares will remain listed on the CSE, the OTCQX and the Frankfurt Stock Exchange. Upon the occurrence or waiver of the triggering event, Canopy Growth will exercise the Call Option and acquire each of the Subordinate Voting Shares in exchange for the payment of 0.5818 of a common share of Canopy Growth per Subordinate Voting Share. If the Acquisition is completed, Canopy Growth will acquire all of the Acreage Shares, Acreage will become a wholly-owned subsidiary of Canopy Growth and Canopy Growth will continue the operations of Canopy Growth and Acreage on a combined basis.

CGC

Canopy Growth

$39.72

0.02 (0.05%)

ACRGF

Acreage Holdings

$0.00

(0.00%)

CGC Canopy Growth
$39.72

0.02 (0.05%)

06/21/19
PIPR
06/21/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth sales growth on track after Q4 results, says Piper Jaffray
Piper Jaffray analyst Michael Lavery says Canopy Growth reported fiscal Q4 net sales of C$94M, modestly below his C$97M estimate but ahead of the C$90M consensus estimate. The analyst considers Canopy's sales growth to be on track, and he expects growth to accelerate as industry-wide supply shortages subside and hemp-derived CBD products are commercialized in the U.S. Canopy continues to invest for growth, and positive adjusted EBITDA is not expected in the near-term, Lavery tells investors in a research note. He keeps an Overweight rating on the shares with a $60 price target.
06/21/19
COWN
06/21/19
NO CHANGE
COWN
Outperform
Canopy needs to start showing discipline, leverage, says Cowen
Cowen analyst Vivien Azer noted that Canopy Growth C$94M in net sales in Q4 topped consensus, which is not surprising given its leadership in total cannabis sales among the major Canadian licensed producers. However, she was surprised to see Canopy's 16% gross margin in Q4, noting that this means gross margins continued to contract sequentially over the course of the year for the third consecutive year. While Azer said she can "appreciate the nascent stage of the industry," she also believes Canopy needs to start showing expense discipline and operating leverage to keep the confidence of investors. Azer has an Outperform rating on Canopy with a C$82 price target.
06/24/19
BOFA
06/24/19
NO CHANGE
BOFA
Canopy now expected to be more dilutive to Constellation, says BofA/Merrill
BofA/Merrill analyst Bryan Spillane reiterated a Buy rating and $221 price target on Constellation Brands (STZ) following Canopy Growth's (CGC) Q4 earnings release and the subsequent release from Constellation outlining the non-cash profit & loss impact of Canopy's results for that period. Spillane now sees Canopy-related net losses of -$131.8M, -$160.0M and -$80.0M for Constellation's FY20, FY21 and FY22 vs. prior estimates of -$113.6M, -$97.1M and -$25.1M . The analyst now expects Canopy to be incrementally more dilutive to Constellation in the short term, and views these non-cash equity losses as "required investments for Canopy to gain scale/distribution in the cannabis industry."
06/26/19
VERF
06/26/19
NO CHANGE
VERF
Sell
Canadian cannabis earnings could disappoint in Q2, says Vertical Group
Vertical Group analyst Gordon Johnson, who maintains a Sell rating on Tilray (TLRY), said in an emailed note that Health Canada provided statistics for April yesterday that shed light on the supply/demand backdrop in the Canadian cannabis market. Sell-in growth slowed from 11.5% month-over-month in March to 9.7% month-over-month in April and sell-through "collapsed" 39.4% month-over-month following a large increase in March, according to Johnson. He concludes from the data that end-demand is collapsing while inventory across all categories continues to bulge, which suggests to him that Canadian cannabis earnings "could be setting up for yet another disappointment" in Q2. Other publicly traded Canadian cannabis producers include Canopy Growth (CGC) and Aurora Cannabis (ACB).
ACRGF Acreage Holdings
$0.00

(0.00%)

02/21/19
GHSC
02/21/19
INITIATION
Target $42
GHSC
Buy
Acreage Holdings initiated with a Buy at Seaport Global
Seaport Global analyst Brett Hundley initiated Acreage Holdings with a Buy rating and $42 price target, citing its market positioning as a U.S. multi-state operator, its dual strategy of wholesale and retail production, the strategic nature of its Form Factory acquisition and its "influential board of directors."
04/22/19
MITR
04/22/19
UPGRADE
MITR
Buy
Canopy Growth upgraded to Buy after Acreage deal at GMP Securities
As previously reported, GMP Securities analyst Martin Landry upgraded Canopy Growth (CGC) to Buy from Hold after the company confirmed a deal giving it the right to acquire Acreage Holdings (ACRGF) upon cannabis production and sale becoming federally legal in the U.S., giving Canopy exposure to the largest cannabis market in the world. He sees significant near-term synergies and believes "the price is right," arguing that the takeout multiple is low given the strategic nature of the acquisition and Acreage's potential for continued strong growth. Landry raised his price target on Canopy shares to C$72 from C$65.
05/13/19
AGPP
05/13/19
INITIATION
AGPP
Buy
Canopy Growth initiated with a Buy at Alliance Global Partners
Alliance Global Partners analyst Aaron Grey initiated Canopy Growth with a Buy rating and C$75 price target, citing his view that the company can become the "global leader in cannabis" following its game-changing acquisition agreement with Acreage Holdings (ACRGF) to give it access to the world's largest cannabis market in the U.S. Though he does not foresee Canopy being profitable until FY21, Grey noted that he does expect the company to be profitable in the Canadian cannabis market as it continues with its international expansion.
06/10/19
COMP
06/10/19
INITIATION
Target $27
COMP
Buy
Acreage Holdings initiated with a Buy at Compass Point
Compass Point analyst Rommel Dionsio started Acreage Holdings with a Buy rating and $27 price target.

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ATEX

Anterix

$46.95

-0.66 (-1.39%)

21:10
07/16/19
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Syndicate
Anterix 2.22M share Secondary priced at $45.00 »

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TNXP

Tonix Pharmaceuticals

$0.57

-0.4087 (-41.75%)

21:08
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Syndicate
Tonix Pharmaceuticals 9M share Secondary priced at $0.60 »

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HTHT

Huazhu Group

$34.88

0.23 (0.66%)

21:05
07/16/19
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Earnings
Huazhu Group sees Q2 revenue growth of 13%-15% »

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PS

Pluralsight

$30.66

-0.71 (-2.26%)

20:58
07/16/19
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20:58
Initiation
Pluralsight initiated at KeyBanc »

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TWOU

2U

$38.60

-0.34 (-0.87%)

20:57
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20:57
Initiation
2U initiated at KeyBanc »

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BVN

Buenaventura

$16.31

-0.03 (-0.18%)

20:36
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20:36
Hot Stocks
Buenaventura reports Q2 Orcopampa gold production 10.7K oz vs. 5.9K in Q1 »

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HOPE

Hope Bancorp

$13.96

0.2 (1.45%)

20:33
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Hot Stocks
Hope Bancorp authorizes $50M stock repurchase program »

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  • 17

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20:25
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Conference/Events
CLSA Asian tech analyst team to hold an analyst/industry conference call »

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BAC

Bank of America

$28.99

-0.23 (-0.79%)

, ABT

Abbott

$83.11

-0.69 (-0.82%)

20:25
07/16/19
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20:25
Earnings
Notable companies reporting before tomorrow's open »

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BAC

Bank of America

$28.99

-0.23 (-0.79%)

ABT

Abbott

$83.11

-0.69 (-0.82%)

USB

U.S. Bancorp

$53.04

-0.07 (-0.13%)

PNC

PNC Financial

$138.66

-1.52 (-1.08%)

PGR

Progressive

$84.11

0.105 (0.12%)

BK

BNY Mellon

$43.13

-0.02 (-0.05%)

OMC

Omnicom

$84.08

0.065 (0.08%)

TXT

Textron

$54.02

0.59 (1.10%)

CMA

Comerica

$71.75

0.39 (0.55%)

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SCGLY

Societe Generale

$0.00

(0.00%)

20:08
07/16/19
07/16
20:08
07/16/19
20:08
Upgrade
Societe Generale rating change at JPMorgan »

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SPY

SPDR S&P 500 ETF Trust

$299.75

-1.03 (-0.34%)

, SPX

S&P 500

$0.00

(0.00%)

20:06
07/16/19
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20:06
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20:06
Periodicals
SF Fed President Daly not leaning in either direction on rates, Reuters says »

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SPY

SPDR S&P 500 ETF Trust

$299.75

-1.03 (-0.34%)

SPX

S&P 500

$0.00

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WAFD

Washington Federal

$34.63

0.02 (0.06%)

20:02
07/16/19
07/16
20:02
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20:02
Earnings
Washington Federal reports Q3 EPS 67c, consensus 64c »

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PAGS

PagSeguro Digital

$44.72

0.755 (1.72%)

19:16
07/16/19
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19:16
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19:16
Initiation
PagSeguro Digital initiated at Evercore ISI »

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SGEN

Seattle Genetics

$63.12

-0.87 (-1.36%)

, CTAS

Cintas

$239.46

-3.85 (-1.58%)

18:50
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Hot Stocks
Fly Intel: After Hours Movers »

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SGEN

Seattle Genetics

$63.12

-0.87 (-1.36%)

CTAS

Cintas

$239.46

-3.85 (-1.58%)

UAL

United Continental

$94.00

2.7 (2.96%)

QCOM

Qualcomm

$75.66

0.23 (0.30%)

NUS

Nu Skin

$45.50

1.44 (3.27%)

SENS

Senseonics

$1.68

-0.075 (-4.29%)

CSX

CSX

$79.57

1.05 (1.34%)

IBKR

Interactive Brokers

$50.72

-0.44 (-0.86%)

INO

Inovio

$3.00

0.05 (1.69%)

TELL

Tellurian

$7.68

-0.1 (-1.29%)

WB

Weibo

$41.57

-1.47 (-3.42%)

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NVLN

Novelion Therapeutics

$0.71

-0.0054 (-0.75%)

18:46
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Hot Stocks
Novelion Therapeutics announces BC Court dismissed action filed by Whitefort »

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DLGNF

Dialog Semiconductor

$0.00

(0.00%)

18:41
07/16/19
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18:41
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18:41
Earnings
Dialog Semiconductor raises Q2 revenue view to $482M »

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BHP

BHP Group

$57.59

-0.27 (-0.47%)

18:39
07/16/19
07/16
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Hot Stocks
BHP Group reports Q4 iron ore output 63MT, down 2% from last year »

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  • 16

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DPZ

Domino's Pizza

$246.55

-23.42 (-8.68%)

18:33
07/16/19
07/16
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18:33
Hot Stocks
Domino's Pizza CEO: We are in a position of strength »

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  • 16

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UBER

Uber

$44.13

-0.38 (-0.85%)

18:18
07/16/19
07/16
18:18
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18:18
Periodicals
Uber rolls out ride-hailing services in Hamburg, Germany, Reuters says »

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  • 08

    Aug

LFUS

Littelfuse

$168.35

-2.05 (-1.20%)

18:03
07/16/19
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18:03
Earnings
Littelfuse reports preliminary Q2 EPS $1.91, consensus $2.03 »

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  • 31

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S

Sprint

$7.23

0.12 (1.69%)

, SSNLF

Samsung

$0.00

(0.00%)

17:51
07/16/19
07/16
17:51
07/16/19
17:51
Periodicals
Sprint says hackers broke into user accounts via Samsung site, ZDNet says »

Sprint (S) informed…

S

Sprint

$7.23

0.12 (1.69%)

SSNLF

Samsung

$0.00

(0.00%)

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  • 08

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SGEN

Seattle Genetics

$63.12

-0.87 (-1.36%)

17:50
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Hot Stocks
Seattle Genetics up 8% to $68.20 after Q2 results »

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QCOM

Qualcomm

$75.66

0.23 (0.30%)

17:48
07/16/19
07/16
17:48
07/16/19
17:48
Periodicals
DOJ requests halt of antitrust ruling against Qualcomm, Reuters reports »

The U.S. Justice…

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  • 31

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MFGP

Micro Focus

$20.66

-0.01 (-0.05%)

17:46
07/16/19
07/16
17:46
07/16/19
17:46
Downgrade
Micro Focus rating change at Goldman Sachs »

Micro Focus downgraded to…

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GLD

SPDR Gold Shares

$132.39

-1.12 (-0.84%)

17:45
07/16/19
07/16
17:45
07/16/19
17:45
Hot Stocks
SPDR Gold Shares holdings fall from 800.54MT to 799.37MT »

This is the lowest level…

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