A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
The S&P 500 is only about 3% from its recent record high despite a tariff panic sell-off, negative investor sentiment and stock outflows.Trading Nationread more
More than 170 shoe retailers, including Nike, Under Armour, Adidas, Foot Locker, Ugg and Off Broadway Shoe Warehouse, have penned a letter to the White House asking President...Retailread more
Health officials confirmed another 41 measles cases last week, the Centers for Disease Control and Prevention said Monday, bringing the total to 880 for the year, already the...Health and Scienceread more
People investing in some technology stocks should not expect them to go up anytime soon, warns the "Mad Money" host.Investingread more
Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Little Caesars will sell a pizza topped with plant-based sausage crumbles made by Impossible Foods for the pizza chain. This marks the first time a national pizza chain is...Restaurantsread more
Wedbush cuts its price target on Tesla shares to $230 from $275.Investingread more
Cronos Group CEO Mike Gorenstein says the Toronto-based marijuana producer is not disclosing the size of distribution agreements with Canadian provinces because the company doesn't want to overpromise.
He was responding to an allegation from short seller Andrew Left that nondisclosure is a deception.
However, Gorenstein said Tuesday on CNBC's "Fast Money" that "When we have had actual concrete, guaranteed purchase orders ... we disclose and give that information."
"We always err on the side of caution, being very conservative, and that's something that we've made sure to do here," he added.
Shares of Cronos tumbled 28 percent Thursday, after Left said Cronos appears to be "deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces."
The stock has regained much of its value since then and was up about 10 percent midday Wednesday.
In an email late Tuesday, after Gorenstein's remarks, Left confirmed to CNBC he added to his short position after the market close. "I am short," he said. "This stock is going to $3 [per share]."
Short selling is a practice in which traders can bet against a company by selling shares they don't own and buying them back at a lower price.
Gorenstein said on "Fast Money" that Left is "way off base."
When asked why Cronos did not disclose the size of potential distribution agreements with provinces, when other major companies like Canopy and Aphria do, Gorenstein maintained Cronos would only say where it had struck agreements.
"I think there is a big difference between saying, we are allocating 'X' amount to a province, versus a province saying, 'We guarantee we will purchase this from you, so model your revenue based on that,'" he said.
He added he's less concerned about demand, than about filling demand. "This is a consumer product and ultimately the consumer is going to decide who the winner is, that's why we focus on quality and having differentiated products."
Case in point, on Tuesday, Cronos announced a deal with Ginkgo Bioworks to derive natural components found in cannabis.