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Hot stocks: Cannabis stocks CGC, ACB plunge; HUGE decrease in income; ULTA increase

Cannabis Reserve Canopy Growth (NASDAQ:CGC) and Aurora Cannabis (NASDAQ:ACB) were among the standout losers in Friday’s trading. CGC dropped on news of business results, while funding plan caused ACB to drop nearly 40%.

Meanwhile, Big So many (BIG) continues its recent focus on retail stocks. The discount chain saw its stock plunge after a disappointing earnings report.

Ulta Beauty (ULTA) had the opposite reaction with its quarterly update. Beauty product retailer tops Street in revenue and earnings.

The person who refuses

Canopy growth (CGC) was under significant selling pressure after posting a significant loss for its latest quarter. The cannabis company’s revenue was also affected, with the top sales figure down nearly 25% year over year.

CGC notes that the company has undergone a previously announced restructuring in an attempt to turn a profit. Following the earnings report, the stock fell about 14% in intraday trading.

Fellow cannabis player Aurora Cannabis (ACB) represented another prominent decline in mid-day action, falling 39% after raising a financial deal. ACB has revised the terms of financing purchase agreementincreased the amount to $150 million from $125 million.

Elsewhere in the market, news of the earnings caused a drop in Big Lots (BIG). The low-cost retailer’s stock fell 9% after the company’s announcement sudden loss for its latest quarter.

The company’s revenue fell 15%, resulting in a 17% decrease in equivalent revenue. Gross margin also fell, with BIG anticipating a major promotional activity coming up.

Gainer

Ulta Beauty (ULTA) saw a midday rally following the release of better-than-expected earnings news. The beauty product retailer reported earnings beyond the consensus of analysts more than 40%.

Revenue rose 21% to $2.34 billion, topping predictions of $220 billion. The company also raised its revenue forecast for the full year. Underpinned by the financial figures, ULTA is up nearly 10%.

For more on the biggest winners and losers of the day, visit Search for Alpha’s On The Move phần.

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