The stock market saw more volatility on Friday morning, with mixed economic data and the delay of the U.K.’s move to exit the European Union creating conflicting messages for investors. Nevertheless, as of 11:35 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up almost 100 points to 25,807. The S&P 500 (SNPINDEX:^GSPC) rose 11 points to 2,819, and the Nasdaq Composite (NASDAQINDEX:^IXIC) picked up 60 points to 7,691.
The auto industry has gone through upheaval lately, as up-and-coming pioneers make innovative advances in areas like electric vehicles. Yet Ford (NYSE:F) proved last night that it wasn’t content to sit in the shadows while competitors were squarely in the spotlight. At the same time, investors in marijuana stock Tilray (NASDAQ:TLRY) are anxiously awaiting the cannabis company’s latest report on its financial performance, and with the stock down 75% from its highs, some fear that more bad news could be devastating.
Ford lets the horse out of the barn
Shares of Ford Motor didn’t make any major moves on Friday, falling less than 1% and continuing the lackluster performance the stock has suffered through for years. Yet the automaker is intent on getting itself moving in the right direction again, and it took advantage of an opportunity to poke fun at a competitor in order to make its case.
Image source: Ford.
Just as many people were watching Elon Musk unveil the new Model Y electric sport utility vehicle, Ford decided to seize the chance to tease a vehicle of its own. The automaker took to Musk’s Twitter haunting grounds to post a simple image of its Mustang logo in electric blue, with the comment, “Hold your horses.” Fans immediately speculated that an electric-powered version of the iconic sports car might be forthcoming.
Ford has already hinted at an electric SUV that could borrow from the Mustang’s legacy, with a possible release date that could end up beating the Model Y to market. Shareholders hope that such a move, along with other initiatives, could help the stock get back its positive momentum. However, investors have waited a long time for that day to come without yet seeing success, and it’ll take more than a three-word tweet to turn things around for the auto giant.
Tilray looks for a new high
In the marijuana industry, Tilray’s stock moved modestly higher on Friday morning. Investors have anxiously awaited the cannabis company’s latest quarterly results, and they’ll finally get their wish on Monday in its fourth-quarter report.
Tilray investors fully expect huge sales gains from the company, because it will be the first quarter in which the Canadian company will include revenue from recently legalized recreational cannabis sold in Canada. They also expect to get more color on some of the strategic moves that Tilray has made lately, including its most recent acquisition of hemp-based food specialist Manitoba Harvest.
Nothing Tilray says Monday is likely to send the marijuana stock back to its heady days from last fall, and many analysts have concerns about its inability to attract a major consumer-goods partner or to make a particular splash in the recreational market. Yet it’d be a mistake to count CEO Brendan Kennedy out, especially given his experience and dedication to the company.