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Consumer Discretionary : Automobiles | Large Cap Growth
Company profile

Tesla, Inc. designs, develops, manufactures and sells electric vehicles and designs, manufactures, installs and sells solar energy generation and energy storage products. The Company's segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits. The energy generation and storage segment include the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products, services related to its products, and sales of solar energy system incentives. Its automotive products include Model 3, Model Y, Model S and Model X. Model 3 is a four-door sedan. Model Y is a sport utility vehicle (SUV) built on the Model 3 platform. Model S is a four-door sedan. Model X is an SUV. Its energy storage products include Powerwall and Powerpack.

Premarket

Last Trade
Delayed
$840.32
14.16 (1.71%)
Bid
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Market Hours

Closing Price
$826.16
Day's Change
0.00 (0.00%)
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Day's High
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Day's Low
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Volume
(Light)
Volume:
234,997

10-day average volume:
46,151,252
234,997

UPDATE: Cannabis stocks fall as a failed Democratic sweep offsets state referendum wins

2:48 pm ET November 4, 2020 (MarketWatch)
Print

Tomi Kilgore

Politicians from both parties are likely to support future marijuana initiatives given signs that voter support is growing, analyst says

Shares of cannabis companies tumbled Wednesday, as investor disappointment that a Democratic sweep failed to materialize offset a boost from referendum wins in a number states.

The ETFMG Alternative Harvest exchange-traded fund (MJ) dropped 2.7% in afternoon trading, while the Cannabis ETF (THCX) slid 2.9%.

Among the more active U.S.-listed shares, Tilray Inc. (TLRY) declined 9.1%, Aurora Cannabis Inc. (ACB.T) fell 9.8%, Canopy Growth Corp. (WEED.T) slumped 7.8% and Cronos Group Inc. (CRON.T) lost 9.0%.

Arizona, New Jersey, Montana and South Dakota voted to approve recreational marijuana sales to adults, and Mississippi voted to legalize medical marijuana.

Don't miss: With Election Day sweep across four states, recreational pot sales will soon reach one-third of Americans (https://www.marketwatch.com/story/one-third-of-americans-could-soon-have-access-to-legal-weed-as-new-jersey-decriminalizes-cannabis-11604459978).

Meanwhile, hopes that Democrats would take over majority control of the Senate are fading (https://www.marketwatch.com/story/stock-market-hope-for-a-blue-wave-election-day-outcome-washes-out-11604472261), as preliminary results as of early Wednesday are showing that Democrats have not gained much ground.

Also read: Biden leads Trump as control of presidency and U.S. Senate are still in doubt (https://www.marketwatch.com/story/biden-leads-trump-as-control-of-presidency-and-u-s-senate-are-still-in-doubt-11604487802).

"While the outcome is still unknown...a Democratic sweep, while preferred by many cannabis investors, seems very unlikely," analyst Bill Kirk at MKM Partners wrote in a note to clients.

The marijuana ETF had run up 12.5% over the past month through Tuesday, compared with a 0.6% gain for the S&P 500 index , as expectations of a Democratic sweep increased.

On the bright side for pot investors, a Democratic sweep may not have been needed to brighten the outlook for pot investors. Kirk said it was worth noting that cannabis being on the Arizona ballot appeared to be a "meaningful contributing factor" in Joe Biden's chances of winning the state. (Biden held a lead in the state as of this writing but it was still too close to call the winner.)

"We believe politicians of both parties will notice its impact on voters and be more likely to voice support for future cannabis initiatives," Kirk wrote.

Alliance Global Partners analyst Aaron Grey said Curaleaf Holdings Inc. is a "stand out winner" from the election results, as the company held a "top-two share" in both New Jersey and Arizona.

Grey said Green Thumb Industries Inc. , Acreage Holdings Inc. and Columbia Care Inc. currently operate in New Jersey's medical marijuana market and are now likely to expand capacity into the adult-use market.

And in Arizona, Grey believes Harvest Health & Recreation Inc. is a "big winner," as the company is the market leader in the state's medical market.

"While the presidency and senate races remain unknown at this time, we continue to see the wave of state cannabis legalization leading to change at the federal level over time," Grey wrote in a research note. "Looking back to our conversation with Former Speaker of the House John Boehner, Speaker Boehner believed that whether Democrat or Republican, it is a matter of when, not if, cannabis is legalized and laws are changed."

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 04, 2020 14:48 ET (19:48 GMT)

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