Why Aphria, Pinterest, and Cloudera Jumped Today
The stock market remained under pressure Friday, with investors going into the weekend feeling increasingly uncertain about the prospects for the global economy. This week's interest rate cut by the Federal Reserve and President Trump's announcement of additional tariffs introduced new dynamics for investors to consider, and many market participants chose to become more defensive. Yet some stocks posted sharp gains as companies kept seeking to make the most of the current environment. Aphria (NYSE: APHA), Pinterest (NYSE: PINS), and Cloudera (NYSE: CLDR) were among the top performers. Here's why they did so well.
Shares of Aphria soared 41% after the Canadian cannabis company reported a profit in its fiscal fourth quarter of 2019. The marijuana specialist said that adult-use cannabis sales jumped by 158% from just three months ago, helping to lift overall revenue by 75%. Volume doubled from last quarter to 5,574 kilos, and cash costs of production fell slightly, boosting efficiency. A big part of Aphria's success came from its acquisition of Germany's CC Pharma, and the company also thinks that growth in its core Canadian market will pick up speed even as it pursues international opportunities in Germany and elsewhere. Profits have been rare in the marijuana space, so Aphria's achievement is noteworthy.
Image source: Aphria.
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