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Tilray signs first deal to supply pot to Europe out of new Portugal facility

Tilray Inc. has signed its first agreement to supply a European Union country with cannabis from its recently opened facility in Portugal, the company announced early Wednesday morning.

47 min ago
Kinder Morgan's stock jumps after sale of U.S. part of Cochin Pipeline for $1.6 billion

Shares of Kinder Morgan Inc. rallied 2.9% in premarket trading Wednesday, after the energy transportation and storage company announced a deal to sell the U.S. portion of the Cochin Pipeline for $1.55 billion to Pembina Pipeline Corp. . As part of the deal, Pembina has agreed to buy all of the outstanding common stock of Kinder Morgan Canada Ltd. , of which Kinder Morgan owns a 70% stake. Kinder Morgan will receive 0.3068 shares of Pembina for each Kinder Morgan Canada share it owns, which will result in Kinder Morgan receiving 25 million shares of Pembina stock, or just under 5% of the shares outstanding. Based on Tuesday's closing price of the U.S.-listed Pembina stock, that would be worth about $923.8 million. The deals are expected to close late in the fourth quarter or in the first quarter of 2020. Kinder Morgan initially expects to use the proceeds to pay down debt. Kinder Morgan's stock has soared 31% year to date through Tuesday, while the SPDR Energy Select Sector ETF has edged up 0.8% and the S&P 500 has gained 16%.

6:52 a.m. Today
Scansource to sell off certain businesses outside of the U.S., Canada and Brazil

Scansource Inc. said Tuesday it has started plans to sell certain businesses outside of the U.S., Canada and Brazil, as part of its efforts to align investments with higher growth and margin businesses. The company, provides point-of-sale, data capture and electronic physical security technologies, said the planned divestitures includes its non-digital distribution businesses in Europe, the U.K., Mexico, Columbia, Chile, Peru and the Miami-based export operations, with a combined net sales of $623 million for fiscal 2019. That represents 16% of the FactSet consensus of $3.91 billion. Scansource said it currently has 490 employees in the regions in which divestitures were planned. The stock, which is still inactive in premarket trading, has shed 7.4% year to date while the Dow Jones Industrial Average has advanced 12.0%

9:22 a.m. Aug. 20, 2019
Sundial says ‘isolated, immaterial matter’ with a customer didn’t affect second-quarter earnings

Sundial Growers Inc. on Monday said that an issue with customer was an “isolated, immaterial matter” and that it didn’t affect Sundial’s second-quarter earnings, which were released last week.

7:14 a.m. Aug. 20, 2019
Canopy Growth wins key extraction license in Saskatoon from Health Canada

Canopy Growth Corp. said Tuesday that Health Canada has awarded it an extraction license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. The Canadian company, which is a market leader in the cannabis space thanks to a $4 billion investment from Constellation Brands Inc. , said the facility along with its Smiths Falls, Ontario site and recently licensed BC Tweed extraction site means it has three significant extraction assets to support development of new products. The Saskatchewan facility is expected to be online by fall of 2019 and to have the capacity to extract up to 5,000 kg of hemp or cannabis biomass a day. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada," Chief Executive Mark Zekulin said in a statement. Canada is gearing up to start offering edibles and other derivatives products in December. Canopy's U.S.-listed shares rose 2.9% premarket, but are down 0.6% in 2019, while the ETFMG Alternative Harvest ETF has gained 4% and the S&P 500 has gained 16.6%.

7:12 a.m. Aug. 20, 2019
8/20/2019 4:15pm
Royal Bank of Canada
/zigman2/quotes/200638870/delayed
99.34
-1.12 -1.11%
8/20/2019 4:00pm
Suncor Energy Inc.
/zigman2/quotes/204570600/delayed
37.46
-0.62 -1.63%
8/20/2019 4:00pm
Barrick Gold Corp.
/zigman2/quotes/209252292/delayed
24.88
+0.76 +3.15%

Sectors

Investors aren’t paying enough attention to this big risk lying in wait for stocks, says John Hancock strategist

Our call of the day from Matthew Miskin, co-chief investment strategist at John Hancock Investment Management, says he has spotted a big blind spot for U.S. investors.

33 min ago
Asian markets pull back after recession fears weigh on Wall Street

Asian markets were mostly lower in early trading Wednesday, after recession worries led to losses on Wall Street.

1:25 a.m. Today
Front-month oil futures settle higher with data expected to reveal a weekly decline in U.S. crude supply

Front-month oil futures contracts settle higher on Tuesday, extending the sizable advance seen a day earlier, ahead of U.S. government data that are expected to reveal a weekly decline in domestic crude stockpiles, following back-to-back weekly increases.

3:10 p.m. Aug. 20, 2019
Gold ends higher, recoups some recent losses as bond yields slide

Gold futures climb on Tuesday, with a slide in U.S. Treasury yields helping the haven metal recoup more than a third of what it lost a day earlier when a rally in the U.S. stock market prompted some settling in bullion.

2:16 p.m. Aug. 20, 2019
A ‘massive make-or-break moment’ has arrived for the S&P 500

Our call of the day says the summer swoon is over and the S&P 500 is ready to revisit all-time highs reached before August’s wild trading days.

9:45 a.m. Aug. 20, 2019
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