Stock Market News: Canopy Growth Gives Constellation Brands Another Loss
The stock market got off to a good start on Monday morning, rebounding from a big drop on Friday. Investors seemed more willing to believe that trade negotiations between the U.S. and China could continue to make progress than they were last week. As of 10:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 101 points to 25,729. The S&P 500 (SNPINDEX: ^GSPC) gained 10 points to 2,857, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 40 points to 7,791.
The height of earnings season is over, but that doesn't mean that companies aren't paying attention to their prospects for sales and profit growth. In the marijuana stock arena, Canopy Growth (NYSE: CGC) has long been a leading cannabis company, and some see a lot more growth in its future. For Constellation Brands (NYSE: STZ), though, a significant minority stake in Canopy's stock has brought a big hit to its bottom line.
Shares of Canopy Growth were up just 0.5% Monday morning despite getting favorable comments from stock analysts. Seaport Global raised its rating on the cannabis cultivator from neutral to buy and set a price target of $31 per share.
Source Fool.com
