Liquor before weed... On Independence Day Eve, Canopy Growth (Earth's biggest cannabis company) announced the co-CEO was "stepping down," but the man himself clarified that he'd been "terminated." The reason for the firing: Corona-owning liquor legend Constellation Brands owns 37% of Canopy's shares and controls 4 of the 6 seats on Canopy's board. And Constellation wants Canopy to focus more on CBD-infused drinks, less on medical marijuana, so it canned the Co-CEO to send a message.
Technically, the stock rose last week... But we're listing Deutsche Bank as a clear debbie downer. It announced yesterday that its turnaround plan is to lay off about 20% of its workers. The pain (18K jobs total) hits the London and New York investment banking divisions, but Wall Street is relieved that it's going back to its German roots.