Ganjasmokeshop.com/worldwideweedshop | Marijuana Stocks India Global,Dow Jones futures fell Tuesday morning, along with S&P 500 futures and Nasdaq futures. Stitch Fix (SFIX) topped earnings views, but the hot recent IPO plunged overnight as revenue and customer levels failed to impress. New Age Beverages (NBEV) and India Globalization Capital (IGC) were big movers amid buzz over cannabis beverages with PepsiCo (PEP) and Constellation Brands (STZ) earnings this week. Meanwhile, GW Pharmaceuticals (GWPH), which develops cannabis-based drugs, fell on a planned share offering.
Dow Jones Futures Today: Ganjasmokeshop.com/worldwideweedshop | Marijuana Stocks India Global,
Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures sank 0.22%. Nasdaq 100 futures retreated 0.3%. Remember that action in Dow futures and Stitch Fix stock won’t necessarily translate in actual trading in the next regular session.
On Monday, the Dow Jones rallied 0.7% as the U.S. and Canada agreed on a revised Nafta deal. The S&P 500 index closed up 0.4%. But the Nasdaq faded to finish down 0.1%.
Stitch Fix Earnings Top, Customer Base Stagnates
Stitch Fix earnings came in at 18 cents a share, crushing adjusted Q4 views for 4 cents. But revenue of $318.3 million was just below estimates for $318.6 million. Active clients came in at 2.7 million, missing forecasts for 2.8 million. That’s still 25% above a year earlier, but stagnant vs. the end of the fiscal Q3.
Stitch Fix is a subscription-based online retailer that selects and delivers apparel to customers. The company held its IPO in November 2017, pricing shares at 15.
Shares plunged 22% early Tuesday, signaling a gap down below the 50-day line for the first time since early June. Stitch Fix stock rose 2% to 44.63 on Monday, up 73% in 2018, despite a pullback from a Sept. 18 peak of 52.44.
Marijuana Stocks New Age Beverages, India Globalization Party Overnight : Ganjasmokeshop.com/worldwideweedshop | Marijuana Stocks India Global,
New Age Beverages stock rallied 67% Monday, while India Globalization Capital stock rocketed 40%. That’s after soaring 261% and 291%, respectively, last month.
New Age Beverages stock tumbled 4% in the premarket, abruptly reversing from big overnight gains. India Global stock shot up 21%, but also off extended trading highs
New Age Beverages will unveil a cannabis beverage, a soft drink with cannabidiol, on Oct. 8. India Global says it’ll launch a CBD-infused drink as well. (Cannabidiol, or CBD, is a part of cannabis that doesn’t get users high. CBD often is touted as having mellowing, anti-anxiety effects.)
It’s unclear what drove New Age and India Global sharply higher for much of the overnight session, or why they are reversing sharply off highs.
Tuesday morning, Pepsi earnings topped views, though guidance was light. There’s growing talk of soft drink and alcoholic beverage makers seeking to venture into the marijuana industry. And it’s not just talk. Corona beer maker Constellation Brands is investing $4 billion in Canadian marijuana producer Canopy Growth (CGC). Constellation Brands’ earnings are due later this week.
Meanwhile, GW Pharmaceuticals stock fell 1.3% late after the drugmaker said it would sell $300 million in U.S. shares.
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