The Daily Dab: A Quick Hit On Cannabis Stocks 02/26/14
Perhaps it was the excitement surrounding tonight’s CNBC special progam, but, whatever the catalyst, the market improved dramatically following recent softness. There were 16 double-digit percentage gainers and just 3 double-digit percentage losers, with more than 2/3 of the group in the green. Stocks with volume above the 30-day average increased from 22% to 40%, with 9 stocks trading over $5mm in value. Only one declining stock traded above $5mm, and most of the above-average volume was among the best performers.
PetroTech Oil & Gas (PTOG) surged to a new high on expanded volume following a press release issued before the market opened (see below). Vape Holdings (VAPE) enjoyed the highest volume of the year as it also enjoyed its best close ever. Advanced Cannabis Solutions (CANN) benefitted from an apparent mix-up at CNBC, surging to a new high on record volume.
Each of the double-digit decliners was a relatively recent entrant into the cannabis space. Dewmar BMC Intl (DEWM) has lost more than half its value in the past week. Endexx (EDXC) and SK3 Group (SKTO) both declined with above-average volume. Creative Edge Nutrition (FITX) was the only declining stock with more than $5mm in trading, though volume declined from the prior day.
Press Releases:
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Source: http://ab.typepad.com/ab_analytical_services/2014/02/the-daily-dab-a-quick-hit-on-cannabis-stocks-022614.html
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