Stock Market News: Slack Slumps on Earnings; Tilray Falls After Stock Sale
This week has been disastrous for the stock market as investors have tried to wrap their heads around the short-term impacts and long-term implications from the COVID-19 outbreak worldwide. After yesterday's 10% drop, investors hoped for some respite, and at least for a couple of hours, they got it. As of noon EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 241 points to 21,442. The S&P 500 (SNPINDEX: ^GSPC) rose 28 points to 2,508, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 58 points to climb to 7,260.
The falling stock market hasn't stopped companies from providing their financial reports, but it has cast some of what companies have to say in a different light. Slack Technologies (NYSE: WORK) saw its stock drop significantly following what seemed on the surface to be a reasonably solid set of results. Meanwhile, Tilray (NASDAQ: TLRY) kept seeing the same slump that has hit marijuana stocks for a while, with a capital-raising move largely to blame for the share price decline.
Shares of Slack Technologies were down 23% after the workplace collaboration specialist reported its fourth-quarter financial results. Even with sustained growth, shareholders weren't satisfied with Slack's near-term outlook.
Source Fool.com