Tilray Soars 40%; GameStop Sheds 16%

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John Divine
·2 min read
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After closing at a record high on Monday, stocks took a bit of a breather on Tuesday, with the S&P 500 breaking a six-day winning streak, ending slightly lower.

The second impeachment trial of former President Donald Trump dominated airwaves, as lawyers and lawmakers made their case before the Senate on the constitutionality of impeaching a former president.

The Dow Jones Industrial Average lost almost 10 points, or 0.03%, to finish at 31,375.

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Tilray soars. Canadian marijuana company Tilray (ticker: TLRY) is spreading its tentacles across the globe. Shares soared 40.7% on Tuesday after the company reached a deal to import and distribute medical marijuana in the U.K.

The increasingly cannabis-friendly political atmosphere in the U.S., in addition to a recently announced merger with rival Aphria ( APHA), has helped ignite TLRY stock in recent months, with shares already more than tripling in 2021 to reach 52-week highs.

Hanesbrands jumps. Diversified clothing company Hanesbrands ( HBI) saw shares jump 24.9% on Tuesday after reporting both revenue and earnings beats in the most recent quarter. Importantly, management also laid out plans to reduce costs by focusing on its core competencies in the coming years, exiting the personal protective equipment business.

HBI vowed to focus on its Champion brand and keep building its U.S. underwear business going forward.

GME keeps plunging. It was a lovely story while it lasted, but shares of beleaguered video game retailer GameStop ( GME) continue to rapidly trend lower following an insane run-up that pitted individual investors against Wall Street hedge funds.

With a 52-week range of $2.57 to $483 per share, the stock shed another 16.2% on Tuesday, ending at $50.31 per share.