Some March Market Movers
The third week of March, from the 11th to the 15th, saw its fair share of activity and excitement in the stock market.
The big news making waves midday on Wednesday, the 13th of March, 2019 was Aurora Cannabis’ ($ACB) announcement that activist investor and billionaire Nelson Peltz would take over as the company’s financial advisor. The news sent $ACB shares rising 13.94%. Peltz has been allowed to buy 19.96 million common shares of the company. If Peltz exercises the options, he would become the second-largest shareholder of Aurora Cannabis. The big gainer by Wednesday this week has been Akari Therapeutics Plc ($AKTX). The stock soared 224.16%, making it a Strong Buy.
Vera Bradley ($VRA) was another gainer. The fashion company’s shares rose 21.82% following the quarterly earnings reporting. They beat the estimates of the market. Its fourth-quarter revenue exceeded expectations as well. It reported revenue of $118.2 million which was close to $2 million higher than what analysts estimated on average. The company guidance was for revenue from $114 million to $119 million. It fourth-quarter profit was 25 cents per share which was higher than what Refinitiv estimated.
But there were some fallers too. Clothing company Express ($EXPR) experienced a 10.1% drop in its shares after its fourth-quarter results revealed a 6% drop in same-store sales. The decline was worse than the 5.6% estimate by Refinitiv. It reported revenue of $628.4 million which was 1.2 million short of estimates. Its earnings of 19 cents per share, however, were 3 cents higher than estimates.
The company that was in the news for the wrong reasons was Boeing ($BA). The aviation giant’s shares fell by over 6% on Tuesday, March 12. That was more than the 5.3% decline from Monday. Both the US and Canada announced the grounding of 737 jets on safety concerns following the second crash for the 737 Max in six months. Boeing itself has grounded all its 737 Max planes operating around the globe following fresh evidence at the latest crash scene in Addis Ababa, Ethiopia.
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