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Markets Rally While Reverse Stock Splits Hammer Tilray and Rubico

MarketDash Editorial Team
9 days ago
U.S. stocks posted solid gains Friday with the Dow up over 250 points, led by a 1.6% surge in energy shares as crude oil climbed. But not everyone celebrated—Tilray and Rubico shares crashed double digits after announcing reverse stock splits, while Pasithea soared 61% on a $60 million offering.

U.S. markets were in a good mood Friday, with the Dow Jones climbing more than 250 points as traders headed into the weekend. The Dow rose 0.60% to 47,709.91, while the NASDAQ added 0.36% to 23,297.13. The S&P 500 gained 0.38% to close at 6,838.77.

Energy Leads, Healthcare Lags

Energy shares were the day's standout performers, jumping 1.6% as crude oil prices climbed. Meanwhile, healthcare stocks dragged on the market, falling 0.6% to post the day's weakest sector performance.

Earnings Spotlight

Chagee Holdings Limited (CHA) shares gained around 7% after releasing third-quarter earnings. The numbers weren't exactly impressive—non-GAAP net income fell to RMB502.8 million ($70.6 million) from RMB646.6 million in the year-ago quarter, while net revenues dropped to RMB3,208.3 million ($450.7 million) from RMB3,541.2 million. Still, investors seemed willing to look past the decline.

Big Movers Higher

DeFi Technologies Inc. (DEFT) shares shot up 11% to $1.53 after announcing QCAD was approved as Canada's first compliant CAD stablecoin—a notable regulatory win in the crypto space.

Pasithea Therapeutics Corp. (KTTA) surged 61% to $1.70 after pricing a $60 million public offering of common stock. Fresh capital tends to excite investors, especially in the biotech world.

HeartBeam, Inc. (BEAT) jumped 23% to $0.75 after announcing its regulatory strategy following the FDA's Not Substantially Equivalent decision on its 12-lead Electrocardiogram Synthesis Software. The company appears to be pivoting after the regulatory setback.

Big Movers Lower

Rubico Inc. (RUBI) dropped 25% to $0.16 after announcing a reverse stock split. Reverse splits tend to spook investors, even when companies insist they're just trying to meet exchange listing requirements.

Tilray Brands, Inc. (TLRY) fell 19% to $0.83 after announcing its own reverse stock split. The cannabis company has struggled with its stock price, and this move didn't inspire confidence.

Rich Sparkle Holdings Limited (ANPA) tumbled 34% to $17.53 after announcing plans to purchase up to $50 million in EDU tokens as part of a new partnership with Open Campus and Animoca Brands. Investors clearly weren't thrilled about the crypto allocation.

Commodities Heat Up

It was a strong day across commodity markets. Oil traded up 1% to $59.26, while gold climbed 0.8% to $4,237.60. Silver was the standout performer, surging 4.9% to $56.21, and copper rose 1.8% to $5.29.

Global Markets

European markets posted modest gains. The eurozone's STOXX 600 rose 0.26%, while London's FTSE 100 gained 0.31%. Germany's DAX 40 and France's CAC 40 both added 0.31% and 0.29% respectively, and Spain's IBEX 35 edged up 0.12%.

Asian markets closed mixed Friday. Japan's Nikkei gained 0.17% and China's Shanghai Composite rose 0.34%, while Hong Kong's Hang Seng fell 0.34% and India's BSE Sensex dipped 0.02%.

Economic Calendar

No major economic reports were scheduled for release Friday, giving traders a breather ahead of the weekend.

Back to News

Markets Rally While Reverse Stock Splits Hammer Tilray and Rubico

MarketDash Editorial Team
9 days ago
U.S. stocks posted solid gains Friday with the Dow up over 250 points, led by a 1.6% surge in energy shares as crude oil climbed. But not everyone celebrated—Tilray and Rubico shares crashed double digits after announcing reverse stock splits, while Pasithea soared 61% on a $60 million offering.

U.S. markets were in a good mood Friday, with the Dow Jones climbing more than 250 points as traders headed into the weekend. The Dow rose 0.60% to 47,709.91, while the NASDAQ added 0.36% to 23,297.13. The S&P 500 gained 0.38% to close at 6,838.77.

Energy Leads, Healthcare Lags

Energy shares were the day's standout performers, jumping 1.6% as crude oil prices climbed. Meanwhile, healthcare stocks dragged on the market, falling 0.6% to post the day's weakest sector performance.

Earnings Spotlight

Chagee Holdings Limited (CHA) shares gained around 7% after releasing third-quarter earnings. The numbers weren't exactly impressive—non-GAAP net income fell to RMB502.8 million ($70.6 million) from RMB646.6 million in the year-ago quarter, while net revenues dropped to RMB3,208.3 million ($450.7 million) from RMB3,541.2 million. Still, investors seemed willing to look past the decline.

Big Movers Higher

DeFi Technologies Inc. (DEFT) shares shot up 11% to $1.53 after announcing QCAD was approved as Canada's first compliant CAD stablecoin—a notable regulatory win in the crypto space.

Pasithea Therapeutics Corp. (KTTA) surged 61% to $1.70 after pricing a $60 million public offering of common stock. Fresh capital tends to excite investors, especially in the biotech world.

HeartBeam, Inc. (BEAT) jumped 23% to $0.75 after announcing its regulatory strategy following the FDA's Not Substantially Equivalent decision on its 12-lead Electrocardiogram Synthesis Software. The company appears to be pivoting after the regulatory setback.

Big Movers Lower

Rubico Inc. (RUBI) dropped 25% to $0.16 after announcing a reverse stock split. Reverse splits tend to spook investors, even when companies insist they're just trying to meet exchange listing requirements.

Tilray Brands, Inc. (TLRY) fell 19% to $0.83 after announcing its own reverse stock split. The cannabis company has struggled with its stock price, and this move didn't inspire confidence.

Rich Sparkle Holdings Limited (ANPA) tumbled 34% to $17.53 after announcing plans to purchase up to $50 million in EDU tokens as part of a new partnership with Open Campus and Animoca Brands. Investors clearly weren't thrilled about the crypto allocation.

Commodities Heat Up

It was a strong day across commodity markets. Oil traded up 1% to $59.26, while gold climbed 0.8% to $4,237.60. Silver was the standout performer, surging 4.9% to $56.21, and copper rose 1.8% to $5.29.

Global Markets

European markets posted modest gains. The eurozone's STOXX 600 rose 0.26%, while London's FTSE 100 gained 0.31%. Germany's DAX 40 and France's CAC 40 both added 0.31% and 0.29% respectively, and Spain's IBEX 35 edged up 0.12%.

Asian markets closed mixed Friday. Japan's Nikkei gained 0.17% and China's Shanghai Composite rose 0.34%, while Hong Kong's Hang Seng fell 0.34% and India's BSE Sensex dipped 0.02%.

Economic Calendar

No major economic reports were scheduled for release Friday, giving traders a breather ahead of the weekend.