Why Sundial Growers Stock Dropped Today
After investors drove the stock of Sundial Growers (NASDAQ: SNDL) up 21% yesterday in anticipation of the company's first-quarter report, shares of the Canadian cannabis company are going in reverse today. As of 11 a.m. ET on Tuesday, the stock had recovered slightly from a more than 6% drop but remained down 3.1%.
It's unclear what investors were banking on hearing from the quarterly report to make them drive the shares so much higher yesterday. No one with the ability to trade the stock yesterday had any legal means of knowing what the company would report. It's likely that retail investors were anticipating some good news, but the report after the closing bell didn't support the stock's momentum.
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Source Fool.com
