What are you smoking?

Let's roll. 

Cannabis is on everyone's mind today—no, not like that.

I mean that cannabis stocks are on everyone's mind. Calm down there, bud.

Tilray Is Smokin'

No, I mean it. 

Tilray (TLRY)  shot up 60% in afternoon trading!

The stock has exploded 890% since the company's well-received IPO in late July.

C'mon, we can all agree that that's nuts. 

TheStreet's Brian Sozzi thinks that he has it all figured out.

He wrote that the good times are likely to continue flowing as the hype on the company's prospects reaches fever-pitch levels. Tilray shares spiked another 50% on Wednesday's session following a bullish interview by CEO Brendan Kennedy on "Mad Money," hosted by TheStreet's founder Jim Cramer.

"This industry [cannabis] is disrupting the pharmaceutical industry, cannabis is a threat to prescription-based painkillers, primarily opiods," explained Kennedy in an interview with TheStreet on the day of its July IPO. "It's definitely a threat to companies in the alcohol industry who see cannabis as a substitute—it's also a threat to some of the functional food and beverage companies who don't look at THC as an ingredient but look at CBS as an ingredient in CBD water or CBD exercise or recovery drink."

Kennedy said people would be "surprised" by how many large companies, starved for growth in many cases, have looked at getting into the cannabis space.
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Micron's on Fire, But Not in the Same Way as Tilray

RealMoney contributor Stephen Guilfoyle has some advice for those who want out of Micron Technology (MU - Get Report) .

"Just in the last week and a half, we have seen Micron hit with either outright downgrades, or at least reduced price targets from the likes of RBC Capital Markets, Goldman Sachs, Deutsche Bank, Macquarie and BMO Capital Markets," Guilfoyle wrote. "The problem—or problems—seem to be deterioration in both DRAM and NAND pricing power. When it comes to memory, weakness in NAND had been expected for some time now across the industry, but DRAM? That's a horse of a different color, and had to be priced in."

Does Micron have any allies? Why yes, of course they do. Less than two weeks ago, Bank of America Merrill Lynch reiterated that firm's "Buy" rating and left their target price at an even $100. That would be nice. In fact, that would be an appreciation of 120% from last night's close. Late last week, Appaloosa Management's David Tepper also appeared in the financial media and he backed the stock. In his words, the hedge fund manager remains "very, very long" MU. Analysts have made much of sizable inventories. Tepper spoke of sizable demand involving servers, cloud technology and autonomous vehicles.
As it was in June, this week will end up being about guidance. In June, the firm raised expectations for this quarter and the stock ran on that. By the way, if expectations come to fruition, the firm will not have misled on that increased earnings and revenue guidance.

Drop It Like It's Hot

Advanced Micro Devices (AMD - Get Report) is getting hit hard despite a positive rate hike from Morgan Stanley.

TheStreet's Tony Owusu tackles the Morgan Stanley note

The firm reiterated its "underweight" rating on the chipmaker while also raising its price target to $28 from $11 a share. Morgan Stanley analyst Joseph Moore's bullish outlook still suggests a downside for the stock, which was declining 2.3% to $31.20 on Wednesday, Sept. 19.

Moore said he believes that the delay of Intel Corp.'s (INTC - Get Report) new 10 nm CPU is more disruptive than many in the industry realize, leaving an opening for AMD and rival Taiwan Semiconductor Manufacturing Co. (TSM - Get Report) in the space.

Intel has delayed the mass production of its latest processor until late 2019 after first saying that the chip would debut at the end of this year. Low volume shipments already have been made, but the company said that mass production will not kick into gear for another year.

Alright, that's enough for Wednesday. 
Happy hump day.