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J. Edward Moreno8/11/25

Pot stocks rally on report that Trump is “considering” weed reform

Pot stocks are rallying in premarket trading after The Wall Street Journal reported that President Trump is “considering” reclassifying marijuana as a less dangerous drug, a move that could take away some of the hurdles between ailing weed companies and profitability.

Canadian cannabis companies like Tilray, Cronos Group, Canopy Growth, and SNDL Inc., which do not currently sell in the US, shot up on the news. AdvisorShares Pure US Cannabis ETF, an ETF that tracks publicly traded US pot companies that can’t list on major exchanges, also rallied.

News and rumors (of which there have been several) regarding changes to the regulatory scheme for marijuana have been one of the largest catalysts for price movement in weed stocks, even those that don’t operate in the US. American cannabis operators struggle with limited access to banking, an unfriendly tax code, and high levels of debt without the benefit of bankruptcy protections.

Under former President Biden, the Department of Justice announced in April 2024 that it would recommend reclassifying marijuana. That process has lagged, and while some in the pot industry have cozied up to Republicans, it does not appear a particularly urgent political issue for either party or the current administration.

Trump Weighs Reclassifying Marijuana as Less Dangerous Drug

Exclusive | Trump Weighs Reclassifying Marijuana as Less Dangerous Drug

News and rumors (of which there have been several) regarding changes to the regulatory scheme for marijuana have been one of the largest catalysts for price movement in weed stocks, even those that don’t operate in the US. American cannabis operators struggle with limited access to banking, an unfriendly tax code, and high levels of debt without the benefit of bankruptcy protections.

Under former President Biden, the Department of Justice announced in April 2024 that it would recommend reclassifying marijuana. That process has lagged, and while some in the pot industry have cozied up to Republicans, it does not appear a particularly urgent political issue for either party or the current administration.

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Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC-maker's stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company's AI-related revenue, which grew 84% in the fourth quarter and now makes up for over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects to other companies.

"The company's results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending," wrote Bloomberg Intelligence senior technology analyst Woo Jin Ho. "Lenovo's $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell's AI-demand momentum and point to robust orders."

AI's insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first quarter earnings Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).
Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).
Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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