Happy hump day!
Here are the headlines that Jim Cramer is looking at Wednesday.
President Trump's Sit Down With Kim Jong Un
President Trump sat down with North Korea's Kim Jong Un Wednesday morning in the second North Korea-U.S. Summit. President Trump said that North Korea has tremendous potential for economic growth and the U.S. can help. "We will make it happen," Trump said.
So, what does that mean for the U.S. markets? Here's what Cramer thinks.
Palo Alto Networks Impresses
Palo Alto Networks (PANW) - Get Palo Alto Networks, Inc. Report posted fiscal second-quarter adjusted earnings of $1.51 a share, smashing analysts' estimates of $1.22, as revenue of $711.2 million beat forecasts of $682.1 million.
The company also announced that its board approved a $1 billion share repurchase program.
"Overall, Palo Alto checked off the boxes in nearly all the key categories: strong top- and bottom-line beats, margin upside, robust billings growth and free cash flow, new platform announcements, etc, wrote Jim Cramer and the Action Alerts PLUS team, which holds Palo Alto in its portfolio. "Given the size and scale of the company, the growth totals this quarter (30% revenue, 27% billings, and 33% product) were quite a feat. That's a tribute to the company's platform and the company being the best-in-class provider in a constantly evolving, high demand industry.
Aurora Cannabis Is Making Moves in Europe
Aurora Cannabis (ACB) - Get Aurora Cannabis Inc. Report announced the acquisition of a 51% ownership stake in Portugal's Gaia Pharm Tuesday as the company looks to establish a local facility to produce medical cannabis and related products as it widens its presence in Europe, reported TheStreet's Tony Owusu.
"We are very pleased to be entering yet another European market, and look forward to collaborating with our joint venture partners, the government of Portugal and the Portuguese medical community, to encourage the development of a rigorously regulated and safe medical cannabis system that is well supplied and accessible to patients," said Terry Booth, CEO of Aurora.
Aurora is now active in 24 countries and said that it believes that it has the largest global footprint of any cannabis company.