MSGE - These 2 Stocks Are Seeing Some Big Selling Monday Morning
2023-09-18 08:45:19 ET
This week could be a momentous one on Wall Street, as investors look for some clarity on what the Federal Reserve's plans for interest rates are for the rest of 2023 and beyond. Few expect an immediate increase in short-term rates, but market participants want to see whether Fed officials expect rates to move lower in 2024 or stay at currently high levels. Uncertainty on that score sent futures markets slightly lower in premarket trading Monday morning.
The volatility in interest rates has highlighted the need for companies to be smart about their capital structures to ensure that they can raise cash when they need it. Unfortunately, timing matters, and investors don't seem too pleased Monday morning at the latest moves from Canopy Growth (NASDAQ: CGC) and Madison Square Garden Entertainment (NYSE: MSGE) involving stock offerings. Here's what's going on with the two companies.
Canopy Growth saw its shares drop 9% in premarket trading on Monday. The cannabis company has recently seen its stock triple from its summer lows, and that led Canopy to capitalize on an unexpected opportunity to raise some capital.
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These 2 Stocks Are Seeing Some Big Selling Monday Morning