The stock market was once again fairly quiet on Wednesday, as the beginning of earnings season brought some mixed views about the state of the overall U.S. economy. Investors remain uncertain how policymakers will respond to the conflicting readings on economic growth. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was down 21 points to 27,314. The S&P 500(SNPINDEX:^GSPC) fell 4 points to 3,000, and the Nasdaq Composite(NASDAQINDEX:^IXIC) declined 8 points to 8,215.
Many investors follow earnings reports as a sign of how well a business is doing fundamentally, but you can also get a sense of where companies are strategically from their announcements between earnings releases. Conagra (NYSE:CAG)discussed its role in the growing meat-alternative market as it sees its brands of meatless products going up against Beyond Meat (NASDAQ:BYND) and other food companies. But first, we’ll look at cannabis cultivator Curaleaf Holdings (NASDAQOTH:CURLF) and its announcement that has significant implications for the Massachusetts-based marijuana company’s future.
Curaleaf aims for a big expansion
Shares of Curaleaf Holdings climbed 15% Wednesday morning after the cannabis specialist announced an agreement to acquire an industry peer. Curaleaf will pay about $875 million to buy GR Companies, better known as Grassroots, which is the largest privately held vertically integrated multistate cannabis operator in the U.S. market.