Cannabis stocks Canopy Growth (NASDAQ:CGC) and Aurora Cannabis (NASDAQ:ACB) were among the standout decliners in Friday’s intraday trading. CGC dropped on earnings news, while a financing plan sparked a nearly 40% decline in ACB.
Meanwhile, Big Lots (BIG) continued the recent focus on retail stocks. The chain of low-price stores saw its shares plunge following a disappointing earnings report.
Ulta Beauty (ULTA) had the opposite reaction to its quarterly update. The beauty products retailer rallied on Street-topping earnings and revenue.
Decliners
Canopy Growth (CGC) endured significant selling pressure after posting a substantial loss for its latest quarter. The cannabis firm’s revenue also suffered, with the top-line figure plunging almost 25% from last year.
CGC noted that it has undergone a previously announced restructuring, in an attempt to reach profitability. Following the earnings report, shares dropped about 14% in intraday trading.
Fellow cannabis player Aurora Cannabis (ACB) represented another standout decliner in midday action, plunging 39% after increasing a financing deal. ACB amended the terms of bought-deal financing, increasing the amount to $150M from $125M.
Elsewhere in the market, earnings news sparked a decline in Big Lots (BIG). Shares of the low-price retailer declined 9% after the company announced a surprise loss for its latest quarter.
The company’s revenue plunged 15%, dragged down by a 17% retreat in comparable sales. Gross margins also contracted, with BIG predicting significant promotional activity ahead.
Gainer
Ulta Beauty (ULTA) saw a midday rally following the release of better-than-expected earnings news. The beauty products retailer reported earnings that exceeded analysts’ consensus by more than 40%.
Revenue jumped 21% to $2.34B, topping projections by $220B. The company also raised its revenue forecast for the full year. Bolstered by the financial figures, ULTA climbed almost 10%.
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