Jim Cramer's Breaking Down Gold, Oil, Slack and Canopy Growth
It's Friday, Friday, Friday.
Jim Cramer weighs in on the surges in gold and oil, Slack's first full day as a public company and Canopy Growth's earnings report.
Markets In case you missed it... On Friday, gold prices surged to a six-year high as investors sought safety from falling global currencies, negative interest rates and the prospect of escalating military tensions in the Gulf region.
Meanwhile, oil has also been having a good week.
So far, oil prices, have risen more than 6% this week, and most of those gains followed a report that Iran had shot down a U.S. military drone.
And then, the New York Times reported that President Trump had ordered a strike on Iran.
The planned strike was meant to take place early Friday in response to the downing of the U.S. drone.
Slack Goes Public In case you live under a rock, or had a summer Thursday, Slack had its direct listing on the New York Stock Exchange Thursday.
The direct listing valued the business-focused software company at $23 billion.
Quarterly revenue gains are forecast to slow over the first half of fiscal 2020, and Slack isn't expected to turn a profit for at least two more years.
Canopy Growth Earnings And finally, we have earnings from Canopy Growth.
The company posted fiscal fourth-quarter revenue that beat expectations but cautioned that its deal to acquire rights for U.S. based Acreage Holdings will lead to a charge that will have "a materially negative impact on net income in the first quarter of fiscal 2020." But one thing to focus on was the recreational sales... According to Canopy, recreational cannabis sales in Canada, which became the world's second country to legalize use of the drug in October of last year, slowed 3.8% to C$68.9 million.
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