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10/22/2019

Curaleaf stock hit by analyst note highlighting difficulty in Florida

Curaleaf Holdings Inc. shares CURLF, -2.42%CURA, -2.19% fell 2.1% Tuesday, after a report highlighted difficulties facing the company in the Florida market. MKM analyst Bill Kirk said the number of dispensary locations in the Sunshine State are growing faster than the number of patients and that’s bad news for Massachusetts-based Curaleaf because it generates about 59% of its retail sales there. In the week to Oct. 17, locations rose 183% from the year-earlier period, while patient numbers rose just 115%. MKM estimates that 754,335 THC milligram equivalents were sold in the week, marking the worst week in a dataset that started the week of July 18, including the week that was hit by Hurricane Dorian. What’s more, "it appears Curaleaf is having a flower supply issue: Curaleaf ounces of flower sold were just 795oz the week of October 17, down from 1,780oz and 2,362oz in the preceding weeks," Kirk wrote in a note to clients. "795oz represents just a 6.6% share of industry flower sold in the period, despite Curaleaf having 14.4% of all dispensary locations." The analyst said comments from customers showed disappointment that the company had no flower to sell, and said he expected the company would struggle to win them back. Kirk rates Curaleaf’s Canada-listed stock a sell and has a stock price target of C$5 ($3.8), or 36% below its current trading level.

Carrefour Q3 Sales Up

French grocery retailer Carrefour Group (CRERF, CRRFY,0NPH.L) Tuesday reported third-quarter sales including value added tax of 20.20 billion euros, up 0.7%. Sales were up 1.5 percent at constant exchange rates from last year.

On a like-for-like basis, excluding petrol, sales increased 2.3 percent.

The group’s sales amounted to 58.99 million euros, down 0.5 percent. Foreign exchange had an unfavorable impact of 2.4 percent in the first half of the year, largely due to the depreciation of the Argentine Peso and the Brazilian Real.

Sterling slips as U.K. parliament approves Boris Johnson’s Brexit plan to 329 Votes to 299

U.K. Prime Minister Boris Johnson’s plans to exit from the European Union crossed a key hurdle on Tuesday. British lawmakers backed his Brexit deal in a surprising, and narrow, 329-to-299 vote. The vote "in principle" for the Brexit plan isn’t the final world on Britain’s three-year saga to divorce from the EU trade bloc, but comes after a key setback a day ago. Speaker of the House of Commons John Bercow on Monday refused to allow a "straight up-and-down" vote on Brexit because lawmakers elected to delay approving the the vote on Saturday, and parliamentary rules bar the same measure from being considered a second time during a session of Parliament unless something has changed. Johnson still faces a second vote the government’s schedule for debate and possible amendments. The votes come just nine days before Britain’s scheduled departure date. Sterling fell 0.1% against the U.S. dollar, last changing hands at $1.2916, according to FactSet data. Meanwhile, the FTSE 100 UKX, +0.68% closed up 0.7% on Tuesday.

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'Outnumbered' reacts to San Francisco's abortion law blacklist: 'Not following the Ellen-President Bush example'

"It's dangerous, I would even say. The idea of isolating someone you don't agree with is just not a good idea. It's not American," added former Obama administration aide Johanna Maska.

Republican strategist and Fox News contributor Lisa Boothe told the couch that "where you lose that [collaboration] is when you start labeling people as things" which immediately alienates them.

However, she also noted that the issue of life has "less common ground" because it's "a deeply-held belief by so many Americans."

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"And I actually, I do think there a vulnerability for the left on this issue because you look at states like New York moving forward with things like third-trimester abortions — that is outside the mainstream of America," said Boothe.

"I wonder about the missed opportunities too," Harris Faulkner added.

"They're not following the Ellen-President Bush example," Baier pointed out.