Stonkhead: Will weed stocks end the year on a high note?
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Stockhead’s biggest market (t)memes of the week.
After the long (cold) cannabis winter of 2019-2020, investors are finally responding positively to a convergence of regulatory tailwinds.
The standout local performer was Creso Pharma (ASX:CPH), which posted torrid gains over the past week on average daily trading volumes of more than 200 million (October average: ~30m).
This punter, and many others, wonder what could have been.
On the other hand, if you bought some of the 914k shares that traded at 47c (on Wednesday), you could’ve lost more than 1/3 of your investment by COB, says u/ mepat1111.
Like this guy.
Over on Wall Street, Airbnb soared 115% at the open in its trading debut on Thursday, giving the home sharing service a market valuation of more than $US100 billion.
That makes Airbnb more valuable than the seven largest US hotel chains combined, including Marriot, Hilton, and Hyatt.
The IPO frenzy of 2020 hasn’t been limited to just Airbnb.
On Wednesday, DoorDash and C3.ai posted substantial gains of 86% and 174% respectively.
And in September, Snowflake completed the largest software technology IPO in history and has been on a tear since its debut.
Is this ‘Dotcom Bubble 2.0’?
Just tweeting this for future reference in case someone later claims nobody could’ve seen this coming.
— Sven Henrich (@NorthmanTrader) December 10, 2020
Airbnb has a market cap of over $100 billion whereas Goldman Sachs has a market cap of $84bn. This makes sense because Goldman Sachs is just a global investment bank whereas Airbnb is a global accommodation service for cheapskates.
— Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 (@ParikPatelCFA) December 10, 2020