Canopy Growth reports bigger loss on charges in ‘challenging’ times for cannabis sector
- Canopy Growth Corp reported a bigger quarterly loss on Thursday, as the Canadian pot producer was hit by restructuring charges.
- The company said it took a restructuring charge of $32.7 million in the reported quarter for returns, return provisions, and pricing allowances primarily related to its softgel and oil portfolio.
- Canopy has been investing in new product lines including vape products, beverages, CBD beauty products and other derivatives, gearing up for the so-called cannabis 2.0.
- Cannabis 2.0 is the legalization of marijuana derivatives including edibles, beverages, extracts and vape pens which took effect last month, with sales expected in mid-December.
- The biggest Canadian marijuana producer by market capitalization said it sold 998 kilograms of dried medical cannabis in the second quarter, down 41 per cent from the year-ago quarter.
- The Ontario-based company reported a wider net loss of $374.6 million, in the second quarter ended Sept.
High-tech fitness company Peloton will reportedly release a cheaper treadmill and a rowing machine in 2020
- The buzzy fitness equipment startup Peloton, known for its internet-connected exercise bikes and treadmills, may finally have some good news this year after its IPO didn't go quite to expectations.
- Peloton will reportedly release two new pieces of fitness equipment next year, according to Bloomberg, including a new cheaper treadmill, and a rowing machine.
- A cheaper treadmill, a rowing machine, and apps for Amazon Fire and the Apple Watch may signal a new phase of expansion for the company.
- Investors seemed to like the idea, with shares of Peloton surging 9% immediately following the Bloomberg report, with the stock ultimately closing up about 5% at the closing bell.
- When Peloton said its losses had quadrupled for the fiscal year 2019, to a $245.7 million net loss ahead of its IPO, it prompted some alarm among investors.
The CEO of the Brooklyn Nets and Barclays Center is resigning — and the news comes less than 2 months after Alibaba billionaire Jospeh Tsai bought both in a record $2.35 billion deal
- The CEO of the Brooklyn Nets and Barclays Center is unexpectedly "parting ways" with the organization after less than two months, J Tsai Sports said in a press release emailed to Business Insider Tuesday.
- Tsai took control of the team after buying out Russian financier Mikhail Prokhorov's 51% stake in the team for $2.35 billion in August, according to the Post.
- As Joe Barnathan at Forbes observes, the purchase creates an even wider lane for the Nets — and the NBA at large — to penetrate the basketball-hungry Chinese market.
- Tsai is Alibaba's second-largest shareholder, giving him a net worth of $9.5 billion, according to Forbes estimates.
- Tsai first invested in the team in 2017, purchasing a 49% stake for $1 billion, according to the Post.
- Microsoft billionaire Steve Ballmer owns the Los Angeles Clippers and cruise giant Carnival Corporation chairman Micky Arison controls the Miami Heat, Business Insider previously reported.
Rivals see opportunity after Deloitte Private unit closed
- Rival firms are looking to poach clients, partners and staff from Deloitte Private after the big four firm last week confirmed it would shut down the stand-alone division and merge it into other units.
- Mr Jackson said Deloitte Private, an operation aimed at private enterprises and high-net-worth individuals, was seen as "a good business, with strong practitioners", but noted that the unit was unable to grow at the same pace as the firm's consulting business.
- Over the past financial year the unit posted revenue of $250 million, up 7 per cent, consistent with the broader consulting market.
- Grant Thornton partner Bei Bei Han. At rival mid-tier firm Grant Thornton, private advisory is still seen as a growth area.
- The firm has built a private advisory business worth 23 per cent, or $61 million, of FY2019 revenue.
Tudor Jones says the stock market will 'definitely decline' if a Democrat wins the 2020 election
- Billionaire investor Paul Tudor Jones on Wednesday said that the stock market will decline if any Democrat wins the 2020 presidential election, regardless of the differences in their policy proposals.
- He added that the severity of the stock market's drop, if a Democrat wins, will vary depending on the candidate.
- In a dialogue with Bridgewater Associates founder Ray Dalio last week, Jones said that an internal poll at his investment firm showed employees believe the stock market would swoon if Sen. Elizabeth Warren comes out on top.
- He also launched an exchange-traded fund based on social impact in 2018 that uses a model from Jones' foundation, Just Capital, that scores businesses based on worker treatment, environment, products and other factors.
- Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
Stocks making the biggest moves after hours: SmileDirectClub, 2U Inc., Skyworks and more
- Shares of 2U Inc. surged more than 15% during extended trading after the cloud-based software company reported third-quarter earnings and updated its full-year revenue and net loss outlook.
- In its third quarter, 2U posted an adjusted net loss of 41 cents per share on revenue of $153.8 million.
- Skyworks reported earnings of $1.52 per share excluding certain items on revenue of $827 million, exceeding the earnings of $1.50 per share and revenue of $825 million analysts forecasted, according to Refinitiv.
- Skyworks' shares reached a new year-to-date high during midday trade Tuesday.
- The company also gave strong first-quarter guidance, anticipating revenue between $870 million and $890 million and adjusted diluted earnings of $1.65 per share, which is at the midpoint of their revenue range.
- The Canadian pharmaceutical and cannabis company reported revenue of $51.1 million, exceeding the $49.5 in revenue Wall Street expected, according to Refinitiv.
Announcing .NET Jupyter Notebooks
- As Try .NET has grown to support more interactive C# and F# experiences across the web with runnable code snippets, and an interactive documentation generator for .NET Core with the dotnet try global tool, we're happy to take that same codebase to the next level, by announcing C# and F# in Jupyter notebooks.
- HTML output : By default .NET notebooks ship with several helper methods for writing HTML.
- Object formatters : By default, the .NET notebook experience enables users to display useful information about an object in table format.
- Checkout the online .NET Jupyter Notebook I created for to explore the NightScout GitHub project using C# and the Octokit APIs. We hope you enjoy this new .NET Interactive experience and that you're pleasantly surprised by this evolution of the .NET Try interactive kernel.
Read the pitch deck that buzzy startup Devoted Health used to reach a $1.8 billion valuation before it signed up a single customer
- Devoted Health wants to change the way the U.S. takes care of its senior citizens, and it has big plans in its first five years to do just that.
- The startup, which has been gathering lots of buzz in the last year, was founded to sell private health insurance plans to U.S. seniors, a market that is growing rapidly as Baby Boomers age.
- Using one pitch deck, Devoted Health managed to secure $300 million from investors in a funding round led by Andreessen Horowitz late last year, with a valuation of $1.8 billion — all before it signed up a single customer.
- Devoted Health planned to sign up 5,000 members for 2019 and grow that to 103,722 by 2023.
- It expects to make about $1.2 billion in revenue in 2023 while generating a small net loss.
- Get started by reading the full pitch deck.
The rise of Shane Dawson, the veteran YouTuber who's been embroiled in multiple controversies and is worth an estimated $12 million
- Restaurant chain Chuck E.
- Cheese was forced to deny allegations earlier this year that it recycles uneaten pizza slices to serve to other customers, thanks to a YouTuber by the name of Shane Dawson.
- The 31-year-old Dawson is essentially a YouTube veteran who has garnered more than 22 million subscribers in his decade of creating videos.
- His early comedic skits and parodies brought in a massive audience base who have stuck around to see Dawson evolve into creating hour-long documentaries about conspiracy theories and other YouTubers.
- Dawson's fame has earned him an estimated net worth of around $12 million, as well as a book, a podcast, and numerous TV and film appearances.
- And then there were the multiple controversies (more on those later).
- His latest piece of work is a documentary about makeup YouTuber Jeffree Star, and it dropped on October 1.