Cannabis giant Curaleaf Holdings has acquired Northern Green Canada, a vertically integrated Canadian cannabis producer, to expand its reach in international markets. The acquisition provides Curaleaf with access to established markets in Europe and a foothold in emerging markets in Australia and New Zealand.
Judge Juan Merchan has ruled that prosecutors can question former President Donald Trump about the civil fraud case against him and his company if he takes the stand during his ongoing criminal trial. The ruling comes after a “Sandoval” hearing, where prosecutors and Trump’s lawyers argued over the scope of questioning. Prosecutors have indicated their desire to question Trump about various court determinations, including the fraud case and defamation cases filed by E. Jean Carroll. The decision on Trump’s potential testimony remains uncertain, with his team expected to make a final decision based on the scope of questioning allowed by the court.
BofA Securities analysts advise buying into geopolitical shocks, citing historical data suggesting that markets recover quickly from such events. They caution, however, that escalation in the Middle East could pose a risk and note the potential for stagflation due to oil shocks, which have historically accompanied geopolitical turmoil.
Tamilnad Mercantile Bank (TMB) reported a flat net profit of ₹253 crore in Q4, impacted by higher provisions for employee benefits and non-performing assets (NPAs). Net interest income rose to ₹567 crore, but net interest margin contracted. Gross and net NPAs increased, while provision coverage ratio declined. Despite these challenges, the bank saw growth in its retail, agriculture, and MSME segments. The board recommended a 10% dividend.
Whales have been showing a bearish stance on Freeport-McMoRan (FCX) lately. Analyzing options trades over the past 30 days reveals that 81% of investors have opened bearish trades, indicating a negative sentiment. Projected price targets for FCX range from $48.0 to $60.0. Significant trades include a bullish put trade expiring on 05/17/24 with a strike price of $50.00 and a bearish call trade expiring on 04/26/24 with a strike price of $48.00.
Nvidia Corp and Advanced Micro Devices, Inc stocks witnessed a partial recovery on Monday following a significant selloff on Friday. Amidst concerns over the Federal Reserve’s interest rate hikes and geopolitical tensions, investors had grown wary of stocks that had previously benefited from the artificial intelligence boom. However, recent checks suggest that demand for AI-related products and services remains strong, with key players like Nvidia and AMD poised to benefit.
As the US government pushes for Chinese owner ByteDance to divest TikTok’s US operations, analysts identify Microsoft and Oracle as likely buyers. The updated House bill provides ByteDance with a one-year divestment period. Wedbush analysts suggest that private equity firms and consortiums, including those backed by former Treasury Secretary Steven Mnuchin, may also express interest in acquiring the asset. However, Wedbush emphasizes the uncertainty surrounding the potential sale due to the absence of TikTok’s algorithms and possible legal challenges from ByteDance.
Li Auto has once again reduced prices on its electric vehicles in China, leading to a decline in its share prices. The automaker lowered prices by 18,000 to 30,000 yuan on its L7, Li L8, Li L9, and Li MEGA models. Customers who bought these models earlier in the year will receive cash refunds. This move comes amidst increasing competition in the Chinese electric vehicle market, where manufacturers are aggressively pricing their vehicles to attract customers.
Good Morning Traders! Today’s Morning Memo analyzes key price levels for SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA, utilizing our proprietary formula that considers price, volume, and options flow. Stay alert and adjust your tactics as the market unfolds to optimize your trading gains. Remember, the Federal Reserve is in a quiet period until next Wednesday’s FOMC rate decision, so today’s market may be subdued.
Reliance Industries’ (RIL) Q4FY24 earnings brought mixed results. While revenue grew by 10.8% to ₹2,64,834 crore, profit after tax declined by a marginal 0.4% to ₹21,243 crore. Key highlights include double-digit growth in revenue, profit, and EBITDA for Jio Platforms, driven by subscriber growth and increased data and voice traffic. However, EBITDA margin for Jio Platforms slightly declined. The company witnessed strong contributions from O2C and consumer businesses, while the impact of lower refining margins was offset by higher chemical spreads.
