Q4 Earnings: May 30Big week ahead for Canopy: earnings will be released pre-market open on Thursday.
Last quarter, I took a position pre-release as I believed the sudden sell-off was overdone in
anticipation of a terrible report....If I recall, WEED hit a high in the $7's/CAD and ended
up closing just below $6....around 20% decline in a single day.
Turns out, the sell-off was warranted b/c of another abysmal quarterly revenue loss and I watched the stock fall for days, further fuelled by the short-attack which pummelled the s/p below $4, a nearly
50% decline in about 4-5 days.
Thankfully, I bought a number of positions and waited out the selling frenzy until bullish news
hit the sector...all in a matter of a few weeks which is when s/p rocketed.
Currently, I'm awaiting Thursday's results and curious about how major funds, including
options traders intend to strategize positions. Tues & Wed will be the sentiment indicators.
We can also see whether any general sector news is released which would
be timely and could balance out any negative report implications.
This is a video - 11 min - from last week exploring Canopy's earnings forecast and mainly
consists of technical analysis. Canopy will be hosting a post-results audio webcast at
10 AM/ET which will be more informative-going forward.
(Note that video analysis is in US funds: CGC)