Wall Street's Reefer Madness, Micron Earnings, & More Stock News

On today’s episode of the Zacks Friday Finish Line, Associate Stock Strategist Ryan McQueeney and Editor Maddy Johnson discuss the performance of Netflix and other streaming services at the Emmys.

The team also chat about the alleged criminal probe facing Elon Musk and Tesla. Later, they discuss marijuana stocks and recap Micron’s latest earnings report.

Make sure to subscribe and leave the show a rating on Apple Podcasts!

First up on this week’s episode is a recap of Monday night’s Emmy awards. The wider TV public was more concerned with the event’s low ratings and supposedly boring hosts, but for a few of Wall Street’s favorite tech companies, the award show marked another important milestone in their effort to invade Hollywood.

Notably, Amazon AMZN snagged a few major wins, while Netflix NFLX snapped HBO’s 17-year streak of most total nominations and was tied for first in overall victories. Hulu also punched above its weight and snagged a solid 27 nominations.

Also this week, Wall Street grappled with the latest twist in the ongoing Tesla TSLA go-private saga. Elon Musk and company have decided to keep the electric car giant public, but the CEO’s tweets about the earlier plan are still causing headaches for Tesla.

Indeed, according to sources cited by Bloomberg, Tesla received requests from the Justice Departments for documents related to the incident, and the company has been cooperating with the probe. This investigation would be in addition to a civil inquiry from the SEC, meaning Tesla could be facing two legal probes right now.

Elsewhere, Wall Street also caught a case of the reefer madness in recent trading sessions as shares of Canadian marijuana producers Tilray TLRY, Canopy Growth CGC, and Cronos Group CRON.

Tilray has been the leader of the pack, with investors giddy that the cannabis company has received DEA approval to work with a U.S.-based research center to study the efficacy of marijuana for treating a neurological disorder. With recreational legalization coming to Canada next month, traders are already betting on the potential for massive international expansion in these companies.

Finally, this week’s other major story was the latest earnings report from memory chip giant Micron MU.

Micron was able to handily beat earnings estimates, with bottom-line growth coming in at nearly 75% on a year-over-year basis. Revenue in the quarter topped expectations too, but the company’s sales outlook for the current period was a bit softer than previous estimates had suggested this.

This sluggish revenue guidance was enough to cause shares of Micron to open lower Friday, despite management’s best efforts to assure investors that it has tailwinds lined up for the upcoming year—including a new relationship with Nvidia NVDA and camera-related growth in mobile devices.

Make sure to check out this week’s episode for Maddy and Ryan’s thoughts on all of these stories!

As a reminder, if you feel that we missed something, or if you want us to cover a different story, shoot us an email at podcast@zacks.com. Make sure to check out all of our other audio content at zacks.com/podcasts, and remember to subscribe and leave us a rating on Apple Podcasts.

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Netflix, Inc. (NFLX) : Free Stock Analysis Report
 
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
 
Tesla, Inc. (TSLA) : Free Stock Analysis Report
 
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
 
Micron Technology, Inc. (MU) : Free Stock Analysis Report
 
Cronos Group Inc. (CRON) : Free Stock Analysis Report
 
Canopy Growth Corporation (CGC) : Free Stock Analysis Report
 
Tilray, Inc. (TLRY) : Free Stock Analysis Report
 
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