Tilray Brands Stock Plummets as Cannabis Firm Announces 1-for-10 Reverse Split to Take Effect Next Week
22 minutes ago
Nearly six months ago, Tilray Brands (TLRY) stockholders approved a 1-for-10 reverse stock split. Now the cannabis firm has given a date it will take effect, and shares are tanking.
Tilray Brands, which describes itself as “a global lifestyle and consumer packaged goods company at the forefront of the global cannabis, beverage, and wellness industries,” announced late Wednesday that the reverse split will take effect after markets close next Monday, Dec. 1. When markets open Tuesday, its shares will begin trading on a split-adjusted basis under the same ticket symbol, but with a new CUSIP number, 88688T209.
At a special meeting on June 10, Tilray’s stockholders approved a proposal authorizing a reverse split, which Tilray said is expected to make it “more attractive to institutional shareholders” and reduce expenditures associated with its annual meeting, “resulting in up to $1 million in cost savings on an annual run rate basis.”
Starting Tuesday, every 10 shares of common stock will be automatically combined and converted into one, reducing the number of outstanding from about 1.16 billion shares to 116 million. Fractional shares will not be issued, Tilray said.
Tilray Brands shares plummeted 19% in the first 30 minutes of trading Friday. They are down roughly 40% this year.
TradingView
Holiday Budgets Are Rising. See How Your Spending Compares
49 minutes ago
The holidays are here after a bumpy year for the U.S. economy, and Americans still expect to spend far more this year than they did in 2024.
Shoppers anticipate spending $2,800, on average this holiday season, up more than $1,000 from last year, according to a BMO survey of 2,500 people. Out of all the generations, millennials expect to spend the most—about $4,400. Meanwhile, Baby Boomers anticipate spending the least— $1,600.
While inflation has fallen from its recent peak in the summer of 2022, high prices continue to weigh on consumers. As of September, prices have risen 3% year-over-year, in part, due to tariffs imposed by the Trump administration on imported goods.
Accordingly, more than three in five (62%) BMO survey respondents said they were changing how they shop due to tariff-related price uncertainty.
Read the full article here.
–Trina Paul
Gotta Catch ‘Em All: Retailers Load Up on Sports, Pokémon and Other Trading Cards
2 hr 14 min ago
Americans’ love of trading cards has retailers lining up to sell them.
Dick’s Sporting Goods (DKS) has opened what it calls Collectors Club Houses in 20 shops, and plans to include them in more locations, CEO Lauren Hobart said on a conference call this week. The spaces, which feature trading cards and signed sports memorabilia, come as retailers rush to capitalize on soaring demand for collectibles.
Consumer response “has exceeded our expectations,” Hobart said, according to a transcript made available by Alpha Sense. “It’s a unique and fast-growing category that’s a great complement to everything we do, and we’re very excited about the opportunity ahead.”
Target is leaning into Pokémon and other trading cards.
Michael Nagle / Bloomberg via Getty Images
Trading cards have become nearly ubiquitous, popping up everywhere from Costco Wholesale (COST) to mom-and-pop bodegas. Demand for “high-velocity items, such as Pokémon cards,” prompted Costco to create a digital waiting room for its e-commerce platform, CEO Ronald Vachris said. The cards are expected to be a hit this holiday season at Kohl’s (KSS), Best Buy (BBY) and Target (TGT), their executives said on conference calls this week.
Target has built up a diverse collectibles business, including Magic the Gathering, National Football League, Major League Baseball and Women’s National Basketball Association cards, chief commercial officer Rick Gomez said. It leaned into the category after trading cards at the big-box stores rose nearly 70% during the first six or seven months of the year, Gomez said in August.
Read the full article here.
–Sarina Trangle
Booze-Free Beverages Boom as the ‘Self-Prohibition’ Era Gains Momentum
2 hr 58 min ago
When the booze-free bottle shop Spirited Away opened in Manhattan five years ago, its proprietor found about a dozen options with which to stock the shelves. Now, according to co-owner Alex Highsmith, the store stocks about 300 brands.
Business, meanwhile, is increasing annually by double-digit rates. Customers, she said, try eschewing alcohol—testing a “Dry January,” for example—decide they like how they feel, and then “keep coming back.”
Americans are drinking less and shopping for booze-free options more frequently.
Getty Images
That feeling has helped retailers selling nothing but non-alcoholic beer, wine and spirits grow as alcohol consumption has waned.
Fewer Americans are drinking alcohol these days, and those who do are cutting back. About 54% of adults say they drink, Gallup said in August, the lowest rate recorded in 90 years. Those surveyed reported having an average of 2.8 drinks over the past week, down from 3.8 in 2024 and even more in prior years. The shift appears most pronounced among young Americans, with those under 25 drinking 17% less than older adults, according to research from Jefferies.
Read the full article here.
–Sarina Trangle
Stock Futures Tick Higher Before Tech Outage Halts Trading
3 hr 30 min ago
Futures contracts tied to the Dow Jones Industrial Average were up 0.1% before the trading halt.
TradingView
S&P 500 futures also ticked 0.1% higher before the trading freeze.
TradingView
Nasdaq 100 futures advanced 0.2% before the halt.
TradingView
