Happy Monday and almost-end-of-earnings-season week.
Cannabis Stocks Get Burned
TheStreet's Tony Owusu looks at why cannabis is getting smoked (and not in a good way) in the market.
Shares of Tilray Inc. (TLRY) were down 10.7%, while Canopy Growth Corp (CGC) fell 10.9%, DAVIDsTEA Inc. (DTEA - Get Report) declined 4.4% and New Age Beverages Corp. (NBEV - Get Report) declined 5.8%.
Yikes. Not a great day for those pot stocks.
What You Need to Know About General Electric
TheStreet's Anders Keitz has the latest on what investors should know as GE prepares to report.
General Electric Co. (GE - Get Report) investors are keen on a reset, which may include a dividend cut or an equity raise, and perhaps some better news surrounding the company's troubled power division.
Larry Culp, 55, the former Danaher Corp. (DHR - Get Report) CEO who joined GE's board in April, was appointed CEO on the first of the month and was given five extra days to "complete initial business reviews," the company said. Culp will "share his initial observations," during the third-quarter earnings report "with more detail expected in early 2019," GE said.
Those three things include:
- The power unit
- Ongoing litigation
Sounds like the company has some drama.
GE is scheduled to report before the bell Tuesday, Oct. 30.
What You Need to Know About AMD and Intel
TheStreet's Eric Jhonsa has something to say to tech investors about chip stocks.
Jhonsa wrote that six or nine months from now, AMD (AMD - Get Report) and Intel (INTC - Get Report) might be posting results and/or guidance that look very different from the numbers that the companies recently delivered.
Though both AMD and Nvidia (NVDA - Get Report) have been hit this year by weaker crypto-related demand, AMD's exposure -- both as a percentage of its GPU revenue, and as a percentage of its total revenue -- appears to have been meaningfully higher. Bernstein analyst Stacy Rasgon, who expressed concern back in June about AMD's crypto exposure, estimates the company's GPU revenue was around $700 million in Q1. That figure is equal to over 40% of total Q1 revenue of $1.65 billion.
Intel's Q3 beat was fueled by stronger-than-expected sales for both its Client Computing Group (CCG), which supplies PC and to a lesser extent mobile chips, and its Data Center Group (DCG), which supplies chips for servers and to a lesser extent other data center hardware. Intel benefited from 50% and 30% increases, respectively, in DCG's sales to cloud and telecom service providers, and a major increase in iPhone modem shipments (Intel is the sole modem supplier for Apple's (AAPL - Get Report) latest iPhones).
Want to know how things could change for Intel and AMD in 2019? Check out Jhonsa's article.
Well, that's a wrap for today.