DENVER, Colo., November 15, 2019- (24/7MarketNews via COMTEX) Venture Market News for November 15, 2019.
Walmart’s (NYSE:WMT) earnings didn’t disappoint, but the market follow through is finally happening today.
That’s, most likely, due to, in addition to Walmart’s report confirming that its online moves are paying off, the strong quarter was, more importantly, the perfect warm up for this morning’s Commerce Department October retail sales report, which stated that, after a unexpected downturn in August and September, consumer spending increased by a greater-than-expected 0.3%.
Plus, Larry Kudlow, at last night’s Council on Foreign Relations event in D.C., stated that White House and China are close to ending the tariff scrap, which the two sides have been engaged in for the past 16 months.
Even though Saudi Aramco’s (ARMCO) Record IPO will not be listed on one of the US markets, we’re only two days away from when retail and institutional investors will start bidding for shares.
Kraig Biocraft Laboratories
As Kraig Biocraft Laboratories (OTCQB:KBLB), the leading developer of spider silk based fibers, is moving forward with its proposed uplisting, to a national exchange, with moves like establishing an independent board of directors, it continues to advance its business model.
Kraig Labs’ Vietnamese Spider Silk production facility, which, after years of that country establishing a legal framework that’s in line with its original invitation to Kraig Labs to produce its superfibers in that country, just formally kicked off operations.
The Company completed the first round of production and expects a greater than a 100x increase in silkworm egg production, a key milestone in the Company’s commercialization of eco-friendly and cost effective recombinant spider silk, has been the key focus of Company management’s initiative to create high performance and environmentally sustainable alternatives to synthetic textiles.
“There has been considerable interest in Kraig Labs’ high performance fibers, from multiple internationally recognized brands, so bringing our specialized silkworms online should allow us to deliver our first large batch of fabric and begin to fulfill the fiber request backlog,” said Jon Rice, Kraig Labs’ COO.
Canopy Growth (NYSE:CGC) and Aurora Cannabis Inc. (NYSE:ACB) added to the cannabis sector’s dreadful outlook with their ugly earnings reports, which are full of bigger-than-expected losses.
Canopy Growth reported a 24% sequential decline in revenue Thursday, while Aurora Cannabis lower-than-expected revenues, which resulted in its third quarter adjusted EBITDA loss to be $39.7 million, nearly double the $20.8 million loss expectation.
Although the national weed listings’ dismal financial performance is hurting many of the leading venture market cannabis/hemp listings, Charlottes Web (OTCQX:CWBHF), which reported solid 41.8% organic consolidated, year-over-year, revenue growth rate, and yielding $17.9 million gross profit on $25.1 million in revenues, with a 38.7% increase in Business-to-Consumer ecommerce sales and 66.4% Business-to-Business growth, seems to be shaking the sector’s blues.
Great trading and enjoy your weekend.
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