Stock Market News: Cronos Gets Whipsawed; Kraft Heinz Takes Big Charges
Thursday morning saw some solid gains for the stock market, as investors were a bit more upbeat about the prospects for the U.S. economy to escape the recessionary fears that have arisen lately. Macroeconomic machinations in the currency markets are getting a lot of attention, but the doomsday scenarios that have gotten discussed more frequently in recent days appear far less likely. As of 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 217 points to 26,224. The S&P 500 (SNPINDEX: ^GSPC) picked up 36 points to 2,920, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 120 points to 7,983.
Earnings remain center stage in assessing individual stocks, and in some cases, reactions from shareholders can be unpredictable. Cronos Group (NASDAQ: CRON) saw its stock fluctuate wildly in both directions after it released its second-quarter financial report, but for Kraft Heinz (NASDAQ: KHC), the news was all negative as investors wrestle with whether the food giant can regain its former glory.
Shares of Cronos Group were down 4% after the Canadian cannabis company reported its second-quarter financial results. The move lower came after the stock had jumped as much as 8% in pre-market trading Thursday morning.
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