It’s almost Friday…
0:08 Good Morning, GDP
The U.S. economy slowed to a 2.6% annual growth rate in the fourth quarter, as the stimulus faded from President Donald Trump’s late-2017 tax cuts and consumers reined in spending amid nagging uncertainty over his policies, from the trade war with China to the longest-ever government shutdown.
The latest report was delayed by a month due to the worker furloughs caused by the government shutdown, reported TheStreet’s Brad Keoun.
04:55 J.C. Penney’s Beat
Real Money’s Stock of the Day, J.C. Penney, posted stronger-than-expected fourth quarter earnings Thursday and said it expects to be free-cash-flow positive in the coming year.
J.C. Penney said earnings for the three months ending on February 2 came in at 18 cents per share, down 68% from the same period last year but 7 cents ahead of the consensus Street forecast. Group sales were pegged at $3.67 billion, the company said, down 8.9% from last year and just shy of the $3.78 billion consensus collected by Refinitiv. J.C. Penney also said same-store sales fell 4% from the same period last year, a figure that beat the 4.3% analysts’ estimate.
07:50 Canopy Growth’s Bringing on Martha Stewart
Canopy Growth announced Thursday that Martha Stewart would be joining the cannabis company in an advisory role to help drive interest in hemp-derived CBD products.
Canopy Growth said it hopes to tap into Stewart’s “deep understanding of what consumers in the United States and around the world want,” as the Canadian weed company pushes itself into the mainstream, TheStreet’s Tony Owusu reported.
“As soon as you hear the name Martha, you know exactly who we’re talking about,” said Canopy Growth Chairman and co-CEO Bruce Linton. “Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal.”
Related. Jim Cramer: My Best Stock Picks for Cannabis and China
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