Diamonds and Dogs
Cannabis stocks are back. GW Pharmaceuticals (GWPH) is jumping 45% after agreeing to be acquired by Jazz Pharma for $7.6 billion. The deal brings together two profitable and growing biotech companies with complementary businesses. GW Pharmaceutical has a cannabis drug for treatment of early-onset seizure disorders. Jazz has a portfolio of drugs focused on cancer and sleep disorders, with revenue that grew 12% in the most recent quarter.
Profit-taking in Chipotle Mexican Grill (CMG). The restaurateur has been on a run, but the stock is down 2% following earnings. The company missed estimates as revenues rose 11.6% to $1.61 billion. The company has become incredibly efficient with digital sales up 177.2% and accounting for 49.0% of sales.
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