HomeNewsMarket Highlights: Five stocks that made headlines on Tuesday

Market Highlights: Five stocks that made headlines on Tuesday

  • Flora Growth partners with Walmart and Coppel
  • MillerKnoll misses earnings estimates as AVROBIO abandons Fabry program
  • Tesla has a showroom in Xinjiang, and Ford doubles on EV F-150 truck production

Flora Growth brings Mind Naturals Skincare products to Walmart and Coppel

Flora Growth Corp (NASDAQ: FLGC) shares were up 20% early Tuesday after the company announced a partnership with Coppel and Walmart. The cannabis company indicated in a press release that its Mind Naturals Skincare products will be available to customers online at Coppel and Walmart.com. Equally, Flora Growth Corp will sell its products through the physical locations of the two chains. The partnership will help the Canadian cannabis firm to expand its presence in Mexico and the US.

MillerKnoll tanks on earnings miss

MillerKnoll Inc. (NASDAQ: MLKN) shares dropped 7% in after-hours trading on Tuesday after the company's Q2 2022 earnings missed Street estimates. The furniture maker indicated that it lost $3.4 million or $0.05 per share in the second quarter relative to a loss of $0.3 million a year ago. Revenue during the quarter was $1.03 billion compared to net sales of $626.3 million a year ago. Interestingly the company took a $50 million hit during the quarter to net sales because of labor shortage and supply chain challenges.

AVROBIO deprioritizing Fabry Disease program

AVROBIO Inc. (NASDAQ: AVRO) tanked 30% after announcing changes to its portfolio properties to focus on other clinical-stage pipeline initiatives. The company intends to deprioritize the Fabry program for a variety of reasons, including new clinical outcomes from the Phase II FAB-GT medication candidate's most recent patients. The Fabry disease program's development timeframe would be greatly accelerated due to these findings.

Tesla opens showroom in Xinjiang, China

Tesla Inc.  (NASDAQ: TSLA) continues to expand its operations by opening a new showroom in Xinjiang, China. Authorities are forcing religious minorities to assimilate in this remote part of China. Unfortunately, these efforts are slowly turning into a public relations disaster for Western-based firms.

Ford doubles on the production of F-150 Lightning truck

Ford Motor Company (NYSE: F) shares increased 10% after the automaker doubled its yearly production plans for the anticipated F-150 Lightning full-electric pickup truck. Ford has been forced to increase manufacturing capacity for the F-150 Lightning for the second time. It initially set a goal of 40,000 units a year, which was then increased to 80,000 and then to 150,000 through mid-2023.

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