🍃 In A Sea Of Red, Look For The Green

Cannabis stocks soar higher on rescheduling news. Plus, Amazon shares surge on earnings beat.

Author

Brooks Dyroff
April 30, 2024

Happy Tuesday, Zingernation! My crypto portfolio (a carefully-selected basket of meme coins all priced under a cent) has officially been decimated over the last couple of weeks. But there’s a bright side to the recent crypto downturn: my uncle might finally stop asking me to set up a “Bitcoin account” for him at our Sunday night family dinner.

–Aaron Bry and Nic Chahine

Today’s Price Action:

$SPY: -1.58%
$QQQ: -1.89%
$DIA: -1.48%

Plus, check out the company that’s producing content with legends like Shaq and the late Stan Lee.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
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Cannabis Stocks And ETFs Surge As DEA Moves To Reschedule Marijuana

Briefly: It was a historic day for the cannabis sector today as the DEA agreed to move marijuana from Schedule I to Schedule III under the Controlled Substances Act.

Back Up: Last August, the HHS recommended the DEA reschedule cannabis, given its increasingly recognized medical benefits.

Fast Forward: Today, an Associated Press report indicated the DEA intends to align with HHS’s stance and approve the rescheduling.

Price Action: Investors responded positively to these potential regulatory changes. Cannabis stocks like Tilray, Canopy Growth and more surged on the news.

Click here to read more.

PRESENTED BY KARTOON STUDIOS

In 1941, Stan Lee published his first comic, forever changing the world of superheroes. Kartoon Studios (AMEX: TOON), dedicated to preserving Lee's vision, launched a storefront on Amazon offering Stan Lee merchandise. The company also unveiled the "Stan Lee Presents" channel on YouTube, managed by Frederator Networks. Kartoon Studios aims to engage fans globally and honor Lee's storytelling legacy. Lee's work transcended barriers, promoting unity and inclusivity. Kartoon Studios continues to keep Stan Lee's legacy alive through various initiatives. The launch of the YouTube channel and the Amazon storefront are part of the company's efforts to connect with fans and create new opportunities for engagement and growth.

FIVE MOVERS

Amazon shares moved higher in the after-hours session after the e-commerce giant reported stronger-than-expected earnings.

Super Micro Computer’s stock dropped like a rock after the close after the high-flying semiconductor company reported weak sales.

Advanced Micro Devices shares followed SMCI, and traded lower following the company’s Q1 earnings report.

Starbucks stock joined the disappointing earnings train, falling by 10% after the coffee chain disappointed investors with its earnings report.

Microsoft shares moved lower today in sympathy with other tech stocks after hotter-than-expected labor data sent the market into a tailspin.

ONE TRADE IDEA FOR TOMORROW
Going Up High School GIF by Pudgy Penguins

Qualcomm: Analysts See Potential 15% Upside Ahead Of Q2 Earnings

Briefly: Qualcomm will report its second-quarter earnings tomorrow. Here’s what to expect.

So Basically: Wall Street consensus estimates see $2.32 for EPS and $9.3 billion in revenues for the semiconductor company when it reports tomorrow after market hours.

Back Up: The stock has been riding the AI wave and is up over 45% for the year. In 2024 so far, the stock has returned more than 16% to investors.

So Then: The charts show Qualcomm’s share price is above its 5-, 20-, and 50-day exponential moving averages, indicating buying pressure and suggesting a positive outlook for future bullish movement.

So What? Overall, the technical analysis indicates a strong bullish trend for Qualcomm’s stock with potential for further upside.

Click here to read the full breakdown.

PRESENTED BY KARTOON STUDIOS

In 1941, Stan Lee published his first comic, forever changing the world of superheroes. Kartoon Studios (AMEX: TOON), dedicated to preserving Lee's vision, launched a storefront on Amazon offering Stan Lee merchandise. The company also unveiled the "Stan Lee Presents" channel on YouTube, managed by Frederator Networks. Kartoon Studios aims to engage fans globally and honor Lee's storytelling legacy. Lee's work transcended barriers, promoting unity and inclusivity. Kartoon Studios continues to keep Stan Lee's legacy alive through various initiatives. The launch of the YouTube channel and the Amazon storefront are part of the company's efforts to connect with fans and create new opportunities for engagement and growth.