After a hot week for cannabis stocks, it's time to slow the roll, dude. Tilray Inc. (TLRY) fell 30% to $123 on Friday, but it's still up more than 300% for the week. After Tilray and other cannabis stocks hit new highs, TheStreet's Jim Cramer told investors to be careful as not all of them are "investible." For investors looking to add cannabis to their portfolio, Cramer's suggestion is Canopy Growth Corp. CGC as it is "not overheated" because they don't need to raise money. Canopy closed at $49.78, down 5%.
Memory chipmaker Micron fell about 2.9% on Friday after issuing lower-than-expected guidance for the fiscal first quarter. Micron forecast the current quarter's earnings to be $2.88 to $3.02 per share, compared to analysts' expectations of $3.08. The company also expects $7.9 billion to $8.3 billion in quarterly revenues, which fell short of analysts' $8.45 billion consensus estimate. Even though the stock was under pressure, the slide could create a great buying opportunity, according to Real Money's Kevin Curran.
Markets Today: The Dow Jones Industrial Average reached a new closing high on Friday, hitting 26,743.50. Meanwhile, the S&P 500 fell 0.04% and the Nasdaq dropped 0.51%. Crude prices pared gains following a report that the Organization of Petroleum Exporting Countries is considering increasing production.
Anders Keitz, Financial Writer, TheStreet Inc.
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