Pot stock volatility cools down before the bell

Feb. 12, 2021 8:00 AM ETTilray Brands, Inc. (TLRY), SNDL, MJ, GME, AMC, TLRY:CAGME, EXPR, KOSS, AMC, CGC, ACB, OGI, MJ, CRON, HEXO, TLRY, YOLO, SNDL, POTX, SPTSXBy: Kim Khan, SA News Editor19 Comments
  • Squeeze stocks that have been in the sights of Reddit's WallStreetBets board are seeing less volatility, with premarket share moves relatively smaller.
  • Pot stocks, which plunged yesterday after becoming the latest target of retail traders and options buyers, are mostly higher before the bell.
  • Yesterday's selling in the group was enough to move the Canadian benchmark index (SPTSX), despite the small weighting of pot companies.
  • Tilray (NASDAQ:TLRY) is up 5%, Sundial Growers (NASDAQ:SNDL) is down 4%, Aurora Cannabis (NYSE:ACB) is up 1%, Hexo (NYSE:HEXO) is up 2%, Cronos (NASDAQ:CRON) is up 4% and Canopy Growth (NYSE:CGC) is up 1%. OrganiGram Holdings (NASDAQ:OGI) is looking the most volatile, up 8%.
  • Among ETFs, the ETFMG Alternative Harvest ETF (NYSEARCA:MJ), is up 1% premarket after a drop of nearly 25% yesterday. The AdvisorShares Pure Cannabis ETF (NYSEARCA:YOLO) is up 2% and the Global X Cannabis ETF (NASDAQ:POTX) is up 2%.
  • The original squeeze and gamma stocks are also seeing much more muted moves.
  • GameStop (NYSE:GME) is off 0.4% after holding above $50 for three-straight sessions.
  • AMC (NYSE:AMC) is up 0.7%, Koss (NASDAQ:KOSS) is down 4% and Express (NYSE:EXPR) is down 2.5%.
  • The Justice Department and other regulators are investigating actions of investors that led to the squeeze rallies, subpoenaing information from social media companies and brokerages, including Robinhood.

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