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J. Edward Moreno2/24/25

Canadian weed companies fall after Germany elects cannabis-hostile chancellor

German voters elected conservative Friedrich Merz to be their next chancellor, a political shift that may threaten Canadian cannabis companies that have increasingly been focused on exports as growth in the domestic market plateaus.

Canadian cannabis companies like Tilray, Aurora Cannabis, and Canopy Growth export cannabis to countries in Europe where it is regulated. Merz has said that if elected, he would reverse cannabis legalization in Germany, the largest economy in Europe.

Cannabis stocks, particularly Tilray, fell on the first trading day since the election in Germany. Cannabis imports to Germany have swelled since they’ve been allowed in 2017, reaching 34.6 tons in 2023, according to data from the country’s Federal Institute for Drugs and Medical Devices.

Pardon the German, but you can see how much imports (in kilos) have been rising in the chart below.

Federal Institute for Drugs and Medical Devices

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The ghosts of AI

AI has given public markets the software scaries... and it’s spreading to private markets too

As AI replaces software engineers and vibe-coding startups surge, hundreds of billions of dollars' worth of venture bets on traditional software firms are facing a brutal reset.

Hyunsoo Rim, David Crowther1h

markets

Max Knoblauch12h

Alaska Airlines dips following weaker-than-expected 2026 earnings guidance

Alaska Airlines, America’s fifth-largest airline, reported its fourth-quarter and full-year results for 2025 after the market closed Thursday. Its shares fell 2% in after hours trading.

The airline reported adjusted fourth-quarter earnings of $0.43 per share, beating the $0.11 expected by Wall Street analysts polled by FactSet. Its Q4 passenger revenue climbed 2% to $3.25 billion.

For the current quarter, Alaska guided for a 1% to 2% increase in capacity and an adjusted loss of $1.50 to $0.50 per share, compared to the $0.77 loss per share expected by analysts. The airline forecast full-year earnings of between $3.50 and $6.50 per share for 2026. The $5 per share midpoint falls short of analyst estimates of $5.52.

“To hit the higher end of our guidance range we would require sustained macroeconomic recovery in 2026, at or improving on trends seen in the first three weeks of the year, and for fuel prices to stabilize,” the company said in its report.

Earlier this month, the carrier placed its largest ever plane order, securing 110 Boeing jets to support its international growth ambitions. It plans to add flights to Rome, London, and Iceland this summer, and has said it will boost its premium seat offerings this year — in-line with a wider trend of travel trends reflecting a “K-shaped economy.”

Intel slumps after Q1 guidance disappoints

The bad outlook offset strong Q4 results.

Matt Phillips15h

markets

Plug Power jumps amid surge in call activity as CEO Andy Marsh hosts AMA

Plug Power surged on Thursday, jumping nearly 17% amid elevated call activity as outgoing CEO Andy Marsh hosted an “ask me anything” on the r/PlugPowerStock subreddit.

As many as 192,581 call options changed hands, more than 4x the 20-day average — call options with a strike price of $4 that expire in mid-June were the most active contract.

Marsh’s appearance was aimed at building support for the board’s recommendations that its investors vote in favor of three proposals at a special meeting of shareholders slated for next week. These proposals include: allowing votes to be decided by a majority of voters rather than a majority of shareholders, enabling an increase in the company’s share count, and a third measure to delay this special meeting in the event that there aren’t enough votes for either of those two proposals to pass.

During the session, Marsh made the following points:

Management really doesn’t want to have to do a reverse stock split, but would feel forced to do so if the second proposal fails to pass. Per a recent filing from Plug, “Without additional authorized shares, the Company will not be able to: meet its contractual obligations to increase authorized shares of common stock by February 28, 2026; raise capital necessary for operations and growth; and execute on its business plans and strategy.”
Plug plans to lean even more into opportunities to offer power to AI data center customers, with Marsh writing that incoming CEO Jose Luis Crespo will offer more details on this in a follow-up AMA scheduled for March.

Tasha Matsumoto

Stocks continue to recover from Greenland threats

Megacap tech helped drive gains.

Chicago Bulls Dennis Rodman (91) and Michael Jordan (23) in action, rebounding vs Charlotte Hornets

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