DENVER, Colo., November 13, 2019- (24/7MarketNews via COMTEX) Venture Market News for November 13, 2019.
After the major indices hit new record closing highs, last week, even shrugging off Uber’s (NYSE:UBER) most recent quarter reporting of a more than $1Billion loss, it was easy to assume that this week would be more of the same and, with Walmart (NYSE:WMT) reporting earnings tomorrow, Thursday, Nov. 14, before the market opens, we may finally see that follow through.
With Walmart’s stock trading near its all-time highs, if it has a solid report it could take out the new highs and, if that’s combined with the White House and China making further headway on the tariff scuffle, it could also see massive volume.
So, if that scenario plays out and the contrarians aren’t able to take control of the market, we could see even higher closing levels for numerous market indices in the next few days.
Considering that Saudi Aramco’s Record IPO kicks off in a few days, as institutional and retail investors are allowed to start bidding for shares on Nov. 17, don’t be surprised if we see the markets hit turbo-drive. Of course, there are also a number of factors that could take us the opposite direction, like some type of impeachment bombshell, so don’t bet the farm.
Snap’s (NYSE:SNAP) Spectacles 3 video-recording glasses release, which, according to most reviews, are a huge improvement over the first two editions and the buzz is bringing wearable technologies back to the front burner. However, it’s thought that the glasses won’t have much demand outside of the Snapchat faithful.
Others planning on entering the wearable technologies space include Apple (NASDAQ:AAPL), which, according to The Information, is expected launch an augmented reality headset in 2022 and augmented reality glasses the following year, as well as Amazon, Facebook, Google, and Microsoft.
It’s believed that the next phase of wearable technology may include smart textiles that will track vitals and even assist with drug delivery. One of the ideal fibers for these applications appears to be spider silk, which R&D World states “has a number of properties that make it popular for new technology in athletic gear, protective clothing and wearable technology.”
One company that is positioning to play its part in these future applications is Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB), which, along with its Vietnamese subsidiary, Prodigy Textiles, just finished rearing the Company’s first batch of its unique transgenic silkworms, setting up the world’s first continuous production output of these very unique fibers.
The earnings report that may have the biggest impact on the venture markets is Canopy Growth, which reports before the Thursday, Nov. 14, market open. Cronos’ and Tilray’s earnings were a mixed bag, so a good earnings call from Canopy Growth, would likely positively impact the leading venture market cannabis/hemp listings, like KushCo, Acreage Holdings, and Curaleaf.
Charlottes Web helped its cause by announcing, this morning, that it knocked it out of the park, with a 41.8% organic consolidated, year-over-year, revenue growth rate.
It produced $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.
This is shaping up to be a buckle up and hold on week.
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