In the latest trading session, Kinross Gold (KGC) closed at $6.22, marking a -1.58% move from the previous day. This move lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
In the latest trading session, Alaska Air Group (ALK) closed at $42.72, marking a +0.95% move from the previous day. The stock lagged the S&P 500's daily gain of 2.62%. Meanwhile, the Dow gained 3.16%, and the Nasdaq, a tech-heavy index, added 2.06%.
In the latest trading session, Southwest Airlines (LUV) closed at $38.18, marking a -0.24% move from the previous day. This change lagged the S&P 500's daily gain of 2.62%. At the same time, the Dow added 3.16%, and the tech-heavy Nasdaq gained 2.06%.
TSMC (TSM) closed the most recent trading day at $55.20, moving +1.69% from the previous trading session. The stock lagged the S&P 500's daily gain of 2.62%. At the same time, the Dow added 3.16%, and the tech-heavy Nasdaq gained 2.06%.
Amarin (AMRN) closed at $6.68 in the latest trading session, marking a -1.18% move from the prior day. This move lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
In the latest trading session, Nike (NKE) closed at $102.71, marking a +1.41% move from the previous day. This move lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
In the latest trading session, Nautilus (NLS) closed at $6.97, marking a -0.14% move from the previous day. This change lagged the S&P 500's 2.62% gain on the day. At the same time, the Dow added 3.16%, and the tech-heavy Nasdaq gained 2.06%.
In the latest trading session, Zynga (ZNGA) closed at $8.97, marking a -0.88% move from the previous day. This change lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
In the latest trading session, Rite Aid (RAD) closed at $13.94, marking a -0.21% move from the previous day. This change lagged the S&P 500's daily gain of 2.62%. At the same time, the Dow added 3.16%, and the tech-heavy Nasdaq gained 2.06%.
MGM Resorts (MGM) closed the most recent trading day at $21.72, making no change from the previous trading session. This change lagged the S&P 500's daily gain of 2.62%. Meanwhile, the Dow gained 3.16%, and the Nasdaq, a tech-heavy index, added 2.06%.
General Electric (GE) closed the most recent trading day at $7.88, moving +1.81% from the previous trading session. The stock lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
In the latest trading session, Chemed (CHE) closed at $456.38, marking a +0.92% move from the previous day. The stock lagged the S&P 500's daily gain of 2.62%. Elsewhere, the Dow gained 3.16%, while the tech-heavy Nasdaq added 2.06%.
Shares of Nevada based cannabis player Planet 13 (PLNHF) have been on a tear this week, up over 30%, thanks to a better-than-expected earnings report.
According to Canaccord analyst Bobby Burleson, there are a couple of reasons to back this multi-state operator (MSO).
First of all, the company posted solid 1Q20 earnings. Revenue hit $16.79 million, up by 21.3% year-over-year and bringing a small $0.17 million beat. Q1 GAAP EPS of -$0.01 was in-line with consensus estimates. Where the company excelled, according to Burleson, was in its higher-than-anticipated gross margins, which led to adjusted EBITDA of $2.3 million, handily beating Burleson’s call for $1.2 million.
Although going forward, Burleson expects “increased competition and continued COVID-19-related headwinds,” there is also a strong catalyst on the horizon.
Planet 13’s USP is its Superstore in Las Vegas, Nevada. The massive store supplying cannabis enthusiasts with not only the goods, but also a customer experience no other dispensary operator provides.
And now it is expanding beyond Nevada. In May, after a protracted will they/won’t they process, Planet 13 closed the acquisition of Newtonian Principles, getting a hold of its Santa Ana dispensary in California. The deal cost Planet $1 million in cash plus $4.8 million in shares. Planet 3 previously walked away from the deal, and after renegotiations saved the company roughly $5 million.
Located an hour’s drive from downtown Los Angeles and the area’s 13 million plus population, Santa Ana is the only city in Orange County to allow cannabis retail stores.
Burleson has high expectations for the new acquisition, noting: “There are currently fifteen dispensaries in Santa Ana. However, we do not expect any to have nearly the scale of PLTH's planned store nor any of the enhanced customer experience features that PLTH has implemented at its Las Vegas Superstore… Longer term, we expect the Santa Ana store to become one of the higher revenue generating stores in the state as the Superstore has been in Nevada.”
To this end, the Burleson reiterated a Speculative Buy rating on Planet 13 shares, along with a C$2.50 (US$1.85) stock-price forecast. (To watch Burleson's track record, click here)
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