Marketdash
Back to Stock Market News

Markets Rally While Reverse Stock Splits Hammer Tilray and Rubico

MarketDash Editorial Team
23 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 Stock Market News

Markets Rally While Reverse Stock Splits Hammer Tilray and Rubico

MarketDash Editorial Team
23 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.