🌿 Trump lights up cannabis stocks

Good evening. With odds of a US government shutdown above 70%, the Labor Department warned that the Bureau of Labor Statistics would halt operations, meaning this week’s jobs report (a key guide for Federal Reserve rate decisions) may not be released.

⬆︎⬇︎ 1-day change
Market data: today’s market close

WINNERS

⬆︎60.87% Tilray
⬆︎28.19% Aurora
⬆︎17.16% Canopy
⬆︎12.93% Cronos

Trump said cannabidiol (CBD) could play a major role in senior healthcare, calling it an alternative to prescription drugs that could help slow disease progression. The comments follow his earlier hint at reclassifying marijuana, which would ease restrictions and reduce tax burdens for cannabis companies. [Read more]

⬆︎15.83% Etsy

ChatGPT rolled out a new Instant Checkout feature that lets users buy products directly through the chatbot, starting with items from U.S. Etsy sellers. Since Etsy is the first marketplace integrated, investors see it as a win for the platform, which could benefit from more exposure and easier shopping inside ChatGPT. [Read more]

⬆︎6.34% Applovin

The mobile ads specialist is launching Axon Ads Manager, a self-serve tool aimed at attracting nongaming advertisers. Until now, onboarding bottlenecks capped AppLovin’s customer base at around 600–700 clients. Morgan Stanley just raised the stock’s price target from $480 to $750, calling the rollout a key moment for proving AppLovin can scale beyond gaming. [Read more]

⬆︎5.35% CSX

CSX, one of the big freight haulers in the U.S., just swapped out its CEO Joe Hinrichs, who had tried to repair worker relations but faced criticism from investors over weak performance and missing out on merger opportunities. His replacement, Steve Angel, isn’t a career railroader but brings decades of dealmaking experience from running industrial-gas giants Linde and Praxair. [Read more]

⬆︎4.50% EA

Last week, reports swirled that Electronic Arts was nearing a record $50 billion buyout. Now it’s official: EA, the publisher behind Madden, The Sims, and FC (formerly FIFA), has agreed to a $55 billion deal backed by Saudi Arabia’s Public Investment Fund, Silver Lake, and Jared Kushner’s Affinity Partners. If completed, it will be the largest leveraged buyout in U.S. history. [Read more]

⬆︎3.82% DoorDash

DoorDash is doubling down on groceries, teaming up with Kroger to make the supermarket’s full inventory available for delivery starting October 1. DoorDash, best known as the top U.S. delivery app, had previously only delivered sushi and flowers from select Kroger locations, but now it’ll cover all 2,700 stores. The partnership dramatically expands DoorDash’s grocery footprint after losing Walmart as a partner in 2022. [Read more]

MORE WINNERS

⬆︎1,762.45% Wolfspeed
⬆︎12.27% Robinhood
⬆︎10.97% Galaxy Digital

⬆︎⬇︎ 1-day change
Market data: today’s market close

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LOSERS

⬇︎2.87% Intel

Rumors are flying, but TSMC isn’t buying. Taiwan Semiconductor Manufacturing Co, the world’s top chip maker for hire, denies that it held talks with Intel about investing or forming a partnership, despite last week’s report suggesting otherwise. [Read more]

⬇︎2.53% Chevron
⬇︎2.56% Exxon
⬇︎2.67% Conocophillips

Exports from Iraq’s Kurdistan region resumed through Turkey for the first time in over two years, and OPEC+ is preparing another production hike in November to grab more market share. The prospect of more supply pushed oil prices lower, which in turn dragged down energy stocks since their profits are closely tied to crude prices. [Read more]

⬇︎36.14% Beyond Meat

Survival mode. The plant-based meat maker is trying to slash more than $800 million in debt by swapping existing bonds for new ones that push repayment out to 2030, while also issuing new shares. [Read more]

⬇︎10.40% Instacart

The leading grocery delivery app is threatened, after DoorDash teamed up with supermarket heavyweight Kroger to roll out same-day delivery from nearly 2,700 stores. It has already been losing market share as DoorDash and Uber push harder into the space. [Read more]

MORE LOSERS

⬇︎3.98% Carnival
⬇︎4.02% Honda
⬇︎4.48% Vistra
⬇︎4.65% Williams-Sonoma

⬆︎⬇︎ 1-day change
Market data: today’s market close

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