Intel CEO Meets Trump, Marijuana Stocks Soar, Dole Cuts Forecast | Stock Movers

Intel CEO Meets President Trump

• 💡 Intel CEO Pat Gelsinger was seen entering the White House, leading to a 3.7% stock increase.
• ⚠️ This meeting followed President Trump's public call for Gelsinger's resignation, citing alleged conflicts and ties to Chinese semiconductor companies.
• 📌 Gelsinger stated he has the board's full support and is addressing "misinformation" about his record.

Cannabis Sector Rally

• 🚀 Marijuana stocks experienced a significant rally, with Tilray up 42%, after President Trump indicated he is considering reclassifying marijuana as a less dangerous drug.
• 📈 This potential policy shift, discussed at a fundraising event, could lead to a new scheduling push from the administration.
• 📊 Other cannabis-linked companies like Village Farms International, Tilray Brands, Canopy Growth Corp., Aurora Cannabis Inc., SNDL Inc., and Cronos Group Inc. also saw double-digit gains.

Dole's Financial Outlook Downgraded

• 📉 Dole shares fell 5.8% after the company cut its annual adjusted EBITDA forecast.
• ⚠️ Factors contributing to the downgrade include industry-specific challenges, unfavorable weather in Central America, and increased sourcing costs.
• 📊 Weak market demand also put pressure on the company's supply chain.

Other Notable Stock Movements

• 💥 TKO Holdings surged 10.2% following reports that Paramount acquired exclusive US rights to show UFC events for the next 7 years in a $7.7 billion deal.
• 📈 Fannie Mae and Freddie Mac shares continued to rise, with Fannie Mae reaching its highest level since 2008.
• 📉 GoPro shares moved higher in after-hours trading despite reporting second quarter adjusted revenue down 18% year-over-year and an adjusted loss per share of 8 cents.
• 🍫 Hershey shares declined nearly 5% as cocoa futures climbed, following concerns about weaker African crop forecasts and Hershey's prior announcement of price increases due to high cocoa costs.

Market Stasis and Economic Data

• 📊 Yields saw modest declines across the curve, indicating a market in stasis.
• 🔍 Investors are awaiting upcoming economic data to gauge the Federal Reserve's potential actions, particularly regarding interest rate cuts in September.