Hey Gotraders,
Amazon (AMZN) is on board with legalizing marijuana and are backing the federal bill to legalize it.
Amazon posted a blog post earlier this week with the following statement from Dave Clark, CEO, Worldwide Consumer at Amazon.
“Our public policy team will be actively supporting The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act) - federal legislation that would legalize marijuana at the federal level, expunge criminal records, and invest in impacted communities. We hope that other employers will join us and that policymakers will act swiftly to pass this law.”
The MORE Act would decriminalize cannabis at the federal level, expunge criminal records and invest in impacted communities.
Amazon also said that it would no longer include marijuana in its drug screening program for any positions not regulated by the Department of Transportation. People were disqualified from working at Amazon previously if they tested positive for marijuana use. That’s a complete turnaround on company policy I would say!
Why is this important? Well, this is definitely good news for current and prospective Amazon employees. On a larger scale though, Amazon is probably the first company to publicly back the federal bill to legalize marijuana, and make policy changes within their organization. We may start to see other companies do the same soon enough. Is this good news for cannabis stocks such as Aurora Cannabis (ACB) and Tilray (TLRY)? Hmmmm….
📈 Zoom reports blowout earnings 💣
Zoom (ZM) reported blowout earnings for its recent quarter! They beat analysts’ expectations on both earnings & revenue. Sales grew by191% year-on-year! They reported revenues of $956.2 million, compared to $328.2 million a year ago. Wowza!
Zoom stock is trading around $335, up 2.22% in extended trading at time of writing.
📈 Chip giants are making more money than ever amid the global chip shortage 💰
The world’s 10 biggest chip manufacturers saw their revenues surge to record highs amid the global chip shortage, according to TrendForce. The total combined quarterly revenue of the chipmakers rose to a record $22.75 BILLION!
Around 57% of the world’s chip foundry revenues in the last quarter were generated by ONE company -Taiwan Semiconductor (TSM). Surprised?
Shares of Taiwan Semiconductor are up 3.19% over the last 5 days and closed at $118.51.
Top movers & shakers 🎢
What else is making headline news 📰
Coinbase (COIN) Pro opens up to dogecoin after cryptocurrency’s 6,000% gain this year.
SEC said Elon Musk’s Tesla (TSLA) tweets violated settlement agreement, WSJ reports.
Popular companies releasing earnings this week 💰
Wednesday: NetApp (NTAP), Advance Auto Parts (AAP), PVH (PVH), Ultimate Fighting Championship (EDR), C3AI (AI)
Thursday: Broadcom (AVGO), Crowdstrike (CRWD), Lululemon (LULU), Docusign (DOCU), Slack (WORK), Plug Power (PLUG), JM Smucker (SJM), Five Below (FIVE), Asana (ASAN), Manchester United (MANU)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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