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Dow Jones Futures: Tilray, Marijuana Stocks Still Buzzing; Red Hat, Crispr Move

Dow Jones futures rose slightly late Wednesday, along with S&P 500 futures and Nasdaq 100 futures. Marijuana stocks Tilray (TLRY), Cronos Group (CRON) and Canopy Growth (CGC) remained active and volatile in late trade, after Tilray stock went on a wild trip during the regular session. Red Hat (RHT) fell on weak revenue and guidance, the latest troubling sign for software stocks. Crispr Therapeutics (CRSP) sank on a planned stock offering.




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Dow Jones Futures Today

Dow Jones futures climbed nearly 0.2% vs. fair value. S&P 500 futures rose a fraction%. Nasdaq 100 futures advanced 0.1%. Keep in mind that overnight trading in Dow futures, Tilray stock and more don’t necessarily translate into regular-session trading.

During Wednesday’s stock market trading, the Dow Jones rallied 0.6%. Higher interest rates and oil prices lifted Goldman Sachs (GS), JPMorgan Chase (JPM), Chevron (CVX) and Exxon Mobil (XOM), with Caterpillar (CAT) up 2.5%. Boeing (BA) cleared a buy point, though its solid intraday gain withered to 0.45% by the close.

The S&P 500 index closed up 0.1%; the Nasdaq composite dipped 0.1%.

Marijuana Stocks: Tilray Stock Still Active

Tilray stock, down as much as 16% after hours, briefly turned higher but then slid to trade down 6.1% at 201. During Wednesday’s regular session, Tilray shares went on an amazing trip. They shot up 94% to 300, then crashed to slightly negative before rebounding to close up 38% at 214.06 in massive volume. Volatility triggered five trading halts.

Tilray stock has been on a massive run, up 1,159% since the first pure-play U.S. marijuana IPO priced at 17 a share two months ago. Wednesday’s catalyst was Tilray’s CEO touting a potential $100 billion marijuana industry market.

Meanwhile, Cronos stock fell 1.1% and Canopy stock edged up 0.6% in active trade. During Wednesday’s session, Cronos Group rose 9.8% to 12.69, but that was well off intraday highs of 15.30. Canopy Growth rose to 55.69 intraday but reversed to close down 4.9% at 49.35.

The marijuana industry is set for massive growth as more countries and U.S. states legalize the use of medical marijuana and recreational cannabis. The alcohol and tobacco industries are making or mulling alliances with marijuana industry players. But it’s unclear which cannabis companies will end up as winners.

Red Hat Earnings Report

Red Hat earnings topped expectations after the close. But the Linux software play reported weak revenue. Red Hat earnings and revenue guidance also was light.

Red Hat stock fell 4.7% late. It dropped back below its 50-day and 200-day moving averages on Monday. Shares have struggled since plunging after the Q1 Red Hat earnings report.

Red Hat has been a software laggard lately, but the software sector has been a big winner in 2018. Yet software groups have struggled over the past several sessions. Splunk (SPLK) and Tableau (DATA) have fallen below buy points, while Qualys (QLYS) and New Relic (NEWR) sold off after nearing breakouts.

Crispr Therapeutics Stock Offering

Crispr Therapeutics said it will offer $200 million in common shares. That sent Crispr stock slid 4.6% late, after closing just below its 50-day line. The gene-editing company, which does not have any products yet, has been trending lower for nearly four months. But that’s after a big run from late December to late May.

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