Closing Bell: Cannabis Stocks Fall, Birkenstock Drops, Lululemon Surges
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Show Notes
On this episode of Stock Movers:
- Cannabis stocks like Tilray (TLRY) and Canopy (CGC) fell Thursday after President Donald Trump signed an executive order to reschedule marijuana as a lower-class drug. Trump's order reclassifies marijuana as a Schedule III drug from Schedule I, but doesn't permit legalized recreational sales. Other Schedule I substances include highly addictive drugs with no accepted medical use, such as heroin, while Schedule III substances are considered to have lower potential for abuse.
- Birkenstock (BIRK) shares drop after the company predicted a slower pace of sales growth in the coming year as its sandals and clogs contend with the impact of a weaker US dollar and tariffs.
- Shares of Lululemon (LULU) jumped after activist investor Elliott Investment Management has built a stake of more than $1 billion in Lululemon. Elliott has been working with retail executive Jane Nielsen, who is viewed as a potential CEO candidate, as the company searches for a replacement for current CEO Calvin McDonald.
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