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Dow Sets New High; Tilray & Twilio Beat

Market indexes closed lower again this Wednesday — all except the Dow, which hit yet another all-time high close. The Dow was up 0.29% today, led by Verizon VZ up 5%, which revealed today a $9 billion ownership by Warren Buffett’s Berkshire Hathaway BRK.B, as well as swelling oil prices enhancing Chevron CVX shares 3% on the day. Tech sold off a bit, sending the Nasdaq down 0.58% today, with the Russell 2000 down  0.74%. The S&P 500 was basically breakeven at -0.03%.

Cannabis supply giant Tilray TLRY is up 14% in the late market, following a 9% sell-off in regular day trading. Fiscal Q3 results came out this afternoon, and were notably better than expectations: a loss of 2 cents per share on the bottom line was a big improvement on the -14 cents expected and -62 cents in the year-ago quarter. Revenues at $56.6 million beat the Zacks consensus $55.55 million on strength in its International Medical segment. The company also reported a savings of $57 million in reduced costs in the quarter.

Gross Margins rose to 29% on 3x year over year growth in average unit price of $5.97. Tilray, a Zacks Rank #3 (Hold) stock ahead of the earnings report, stands to gain from increased legalization in the U.S., with some of the biggest states in the union — notably New York — still to come at some point in the future. This is the fourth time in the past five quarters the company has beaten on earnings.

Cloud communications firm Twilio TWLO also surpassed expectations, swinging to 4 cents per share in quarterly earnings from -$0.08 estimated. This 4 cent read is identical to the year-ago quarter, on $548.1 million in sales — up 65% year over year and an improvement on the $454.64 million in the Zacks consensus. While guidance on the bottom line for next quarter has moved lower, revenues for next quarter are now expected in a range of $526 million-536 million from the $484 million our analysts had been looking for.

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Verizon Communications Inc. (VZ): Free Stock Analysis Report
 
Berkshire Hathaway Inc. (BRK.B): Free Stock Analysis Report
 
Chevron Corporation (CVX): Get Free Report
 
Twilio Inc. (TWLO): Free Stock Analysis Report
 
Tilray, Inc. (TLRY): Free Stock Analysis Report
 
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