Why Tilray, Splunk, and Retrophin Slumped Today
Thursday was an up-and-down day for stock market investors, with major benchmarks showing mixed performance. There's a lot of uncertainty on Wall Street right now, and the impact of monetary policy from the Federal Reserve is getting a lot of attention among market participants. Even though stocks have generally held up well following the abrupt about-face from the Fed that resulted in last month's rate cut, it's unclear whether further reductions are likely. Some individual companies saw their shares drop sharply after they suffered adverse events. Tilray (NASDAQ: TLRY), Splunk (NASDAQ: SPLK), and Retrophin (NASDAQ: RTRX) were among the worst performers. Here's why they did so poorly.
Shares of Tilray fell 10%, reversing course after a strong session on Wednesday. Investors were pleased to learn that the cannabis company is seeing early success in its international business, as it signed a deal to ship medical marijuana from production facilities in Portugal to customers in Germany. Yet despite positive comments about future profitability from CEO Brendan Kennedy, Tilray still has detractors in the analyst community, and some see an imminent crash ahead for the cannabis company's stock. In the ultracompetitive marijuana market, Tilray will have to keep executing well in order to preserve its leadership position in the industry.
Image source: Tilray.
Source Fool.com
