Wednesday brought more volatility to the stock market. After posting early gains to push further into record territory, most major market benchmarks pulled back by midmorning. At 11:45 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 7 points to 31,369. The S&P 500 (SNPINDEX: ^GSPC) had fallen 6 points to 3,905, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had moved lower by 54 points to 13,954.
Investors remained squarely focused on marijuana stocks , as ongoing activity in the cannabis space continues to draw interest from those looking to put their money to work in areas with solid growth prospects. However, one thing that's getting a rising amount of attention is the growing disconnect between shares of Tilray (NASDAQ: TLRY) and shares of Aphria (NASDAQ: APHA) , with some seeing the divergence as a potential merger arbitrage opportunity.
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For further details see:
Aphria Is Becoming the Stock Market's Biggest Merger Arbitrage Play