Market Recap – August 8th
The markets reversed course on Tuesday after concerns regarding the banking sector flared up, paired with negative economic news from China and Europe. The last time investors were concerned with the banks was back in the beginning of March, which was one of the worst performing weeks this year. The bell rang with the S&P 500 down 0.42%, the Dow Jones down 0.45%, and the NASDAQ down 0.79%.
One of the biggest losers was RingCentral, down 18.42% to $31.80 after reporting poor third quarter guidance despite beating expectations for revenue and earnings per share. However, every day comes with at least one winner, and that was Tilray, which rose by 36.03% to $3.02 following their purchase of eight beer and beverage brands from Anheuser-Busch in an $85 million deal that now makes them the fifth largest craft beer business in the country.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.