Why Canopy Growth, PG&E, and Antero Midstream Jumped Today
Monday was a relatively calm day for the stock market, with major benchmarks generally losing modest amounts of ground from where they closed last week. With some recent positive readings on the U.S. economy, investors are largely looking at potential developments on the trade front, as well as the progress of the holiday shopping season for signs of how things are going. Yet for some companies, strategic moves sent their share prices higher. Canopy Growth (NYSE: CGC), PG&E (NYSE: PCG), and Antero Midstream (NYSE: AM) were among the top performers. Here's why they did so well.
Shares of Canopy Growth climbed 14% after the Canadian cannabis specialist said that it had come to a decision on a permanent chief executive officer. Canopy decided to turn to its strategic partner, Constellation Brands, and poached Constellation CFO David Klein to take the top executive job at Canopy. Klein's background tends more toward alcohol and consumer packaged goods rather than cannabis, but investors seem optimistic about Canopy's prospects as Mark Zekulin steps down from the CEO role. Marijuana stocks haven't had a lot to celebrate lately, but the industry still has a lot of promise, and shareholders hope Klein will find ways to enhance Canopy's leadership position in the space.
Image source: Canopy Growth.
Source Fool.com
