Diamonds and Dogs
Cannabis stocks are taking off. Recent cannabis stock IPO, Tilray (TLRY) is up 16% today and up over 470% since its IPO less than two months ago. No news today, but the sector has been on fire. The largest publicly traded cannabis stock, Canopy Growth Corp (CGC) has been on fire since receiving a $4 billion investment from Constellation Brands. Canopy growth is up 100% in less than a month and was up 16% this morning before falling into the red. Cannabis stocks look like the bitcoin stocks from last fall.
Tech stocks taking it on the chin. Twitter (TWTR) is down 5%, Facebook is down 2.5% as executives from the firms testify to Congress regarding fake accounts and political election interference. Google (GOOG) is only down a percent as their executives skipped the Congressional testimony. Sounds like Microsoft back in the 1990s. Amazon, Netflix, Microsoft and even Apple are lower as well.