Markets were lower on Thursday. Dow stocks were lower as the industrial-heavy lot digested Trump's latest spat with North Korea and auto tariffs on U.S. imports. The S&P 500 and Nasdaq were also lower.
If you're looking to invest in the legalization of cannabis, Constellation Brands (STZ) and over-the-counter, Toronto-listed stocks aren't your only options any more. Canopy Growth (CGC) on Thursdaybecame the first legal cannabis firm to trade on the New York Stock Exchange, but dipped some 3% by early afternoon to trade at $29.28. The stock had closed Wednesday at $30.21 on the OTC pink sheets, then opened Thursday at $30.85 on the Big Board before pulling back. "We're a company focused on leadership, vision and integrity, and listing on one of the most prestigious exchanges in the world validates the level of execution and ambition our team has demonstrated," Bruce Linton, Canopy's chairman and CEO, said in a statement ahead of the opening. Cormark Securities analyst Jesse Pytlak told TheStreet's Kinsey Grant that snagging a NYSE listing "represents a major milestone for the company and the cannabis industry as a whole. It validates cannabis as an investable sector and as a legitimate and potentially sizable consumer vertical, and demonstrates the shift in attitudes towards the acceptance of cannabis."
Cash isn't king anymore. PayPal (PYPL) will continue to try to change the way consumers and vendors interact. Our executive editor Brian Sozzi is in San Francisco for the payment tech company's bi-annual meeting. PayPal Chief Financial Officer John Rainey says the company will "sustain" and "accelerate" its financial performance in the coming years, touting margin expansion, a growing cash hoard and the opportunity to consolidate smaller players. PayPal last week said it was buying international commerce platform iZettle for $2.2 billion to get a bigger presence in small businesses. The company plans to spend $1 billion to $3 billion each year on acquisitions. PayPal plans to end 2018 with $15 billion in cash, so suffice it to say the coffers are full to consolidate its position in digital payments. PayPal is a holding in Jim Cramer's Action Alerts PLUS charitable trust. If you are interested in reading more about the company, check out their latest here.
Speaking of payments, for those of you questioning Visa's V 15% run-up year-to-date and its 40% move higher over the past 12 months, Cramer has your back. While Cramer still likes PayPal when talking about payments, he also says Global Payments (GPN) is a stock to consider. The Atlanta-based company provides financial technology services globally, helping merchants connect with banks to process payments. The company is up about 13% on the year, but only about 20% over the past 12 months, meaning there could be more room to run. However, with a P/E ration of about 37 times (Visa's is at about 35 times) some are skeptical.
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Photo of the day: Apple teams up with Volkswagen
Apple Inc. (AAPL) is hooking up with Volkswagen to build self-driving cars. It could be a match made in heaven, right? But eager car enthusiasts shouldn't bet on driving an Apple-powered Herbie the Love Bug just yet. The autonomous vehicle Apple is testing is the Volkswagen T6 Transporter van and it likely won't be ready until at least 2019. Read More
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