On today’s episode of the Zacks Friday Finish Line, Associate Stock Strategist Ryan McQueeney and Editor Maddy Johnson discuss the latest trade war news, Under Armour's investor day, hemp legalization, and Robinhood's checking and savings accounts.
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Stocks opened lower on Friday amid sluggish economic data from China despite news that Chinese officials are set to lower tariffs on US autos in the hopes of reaching a trade deal. This followed a week of mixed trade-related developments, with legal tensions for Apple (AAPL - Free Report) in China ratcheting up to 10 muting optimistic sentiment from President Trump as well as renewed Chinese purchasing of American soybeans.
Elsewhere, investors this week punished Under Armour (UAA - Free Report) for what they deemed to be soft long-term guidance from the sports apparel company. Under Armour is targeting single-digit growth in North America over the next several years, and that outlook took the steam out of an otherwise decent recovery year for the stock.
Meanwhile, cannabis investors were excited about legalization of hemp in the United States. This provision was added to the 2018 Farm Bill and creates a new avenue for certain cannabis companies in the US market.
Hemp is a species of the cannabis plant with little psychoactive characteristics. Its primary use is for paper, textiles, clothing, and other materials. Nevertheless, hemp can be used to extract CBD, a non-psychoactive chemical that is sometimes used to treat seizures, inflation, and anxiety. This is bullish for companies that make CBD products, including CBD drink producer New Age Beverages (NBEV - Free Report) .
Another major headline from this week involved popular app startup Robinhood. The free stock trading app on Thursday announced a checking and savings account feature that will include 3% interest rates on deposit and a larger network of fee-free ATMs than the five largest banks combined.
On this week's Friday Finish Line, Maddy and Ryan recap all of the news for listeners. The hosts also debate the new Robinhood features and ask whether Bank of America (BAC - Free Report) , Wells Fargo (WFC - Free Report) , and Chase (JPM - Free Report) should be worried. Check it out now!
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