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Tilray Brands (TLRY) Chief Executive Officer (CEO) Irwin Simon said the 2024 presidential election is likely to improve the legal cannabis industry in the U.S.—regardless of who wins.

"We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization," Simon said alongside the company's fiscal 2025 first-quarter earnings.

Tilray is a Canadian company focused primarily on cultivating, processing, and distributing medical cannabis products with operations in Europe, Australia, and Latin America, in addition to Canada and the U.S.

For now, Tilray saw its revenue rise 13% year-over-year to $200 million in the first quarter, and its net loss narrow to $34.7 million from $55.9 million last year.

Vice President Kamala Harris, who is the Democratic nominee for President, expressed her views on marijuana legalization in an interview with the "All the Smoke" podcast last month.

During that interview, she said, "I just feel strongly people should not be going to jail for smoking weed. And we know historically what that has meant and who has gone to jail."

Meanwhile, former President Donald Trump—who is the Republican nominee for President—said on social media that he would vote in favor of an amendment in Florida that legalizes recreational marijuana use in the state.

That's a shift from the approach of his administration, which saw Attorney General Jeff Sessions eliminate a policy that protected state-level cannabis laws from federal intervention. 

Marijuana's federal legalization has support among voters from both parties, according to a report, but particularly among groups that have historically voted for Democrats. According to a Pew Research survey from 2022, 61% of Black men are in favor of legalization.

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 Tesla (TSLA) bulls have robotaxi fever. Shorts are betting they'll be disappointed.

As the EV giant prepares to unveil its robotaxi at its much-anticipated event Thursday, the company has found another way to grab the headlines: Elon Musk's company has returned to its old position as the most shorted stock in the U.S. Meanwhile, the stock has been included in Wells Fargo’s latest trading ideas with an underweight call—and skepticism that the robotaxi will deliver on bulls' presumptions.

According to data and tech firm Hazeltree, Elon Musk's EV company was the most crowded shorted large-cap security in the Americas in September, returning to a position it held until July. 

Investors would be less interested in the company—whose stock price has largely recovered from the losses it experienced in the first half of the year—as demand for EVs cooled, though the excitement around the robotaxi could give the stock a boost.

Tesla stock is up more than 40% since April 5, when Musk announced plans for the robotaxi event, and it has stayed elevated even after the event was delayed.

Wells Fargo analyst Colin Langan, however, has given Tesla a $120 price target—half its current price—in the bank's tactical trading ideas list for the fourth quarter. Langan wrote that he is skeptical Wednesday's event will “match the high expectations from Tesla bulls, leaving investors to focus on weakening fundamentals."

Those fundamentals include projections for moderating delivery growth as EV demand drops and the limited potential of discounting to boost sales. He also noted that Musk has promised robotaxis "by year-end...for years" but "experts say the technology is years away & that TSLA’s autonomous technology comes with considerable safety concerns."

Last week's delivery data sent Tesla stock lower despite beating expectations, as analysts said investors may have wanted Tesla to deliver a stronger quarter. Tesla said Wednesday that its third-quarter results will be released after the market closes on Oct. 23.

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Shares in Boeing (BA) continued falling Thursday, after the airplane maker earlier this week withdrew its contract offer to striking machinists, prompting rating agency S&P Global to issue a downgrade warning on the company’s debt.

Last month, 33,000 members of the International Association of Machinists and Aerospace Workers downed tools after union members voted to reject a deal that the two sides had negotiated. S&P Global cautioned that the industrial action was increasing financial risk for the company, estimating that Boeing will have a $10 billion cash outflow this year as a result. 

The strike action adds to Boeing’s long list of challenges this year, with the jet manufacturer also dealing with several mechanical issues and a legal settlement relating to two fatal crashes in 2018 and 2019. Since the start of the year, Boeing shares have lost about 44% of their value.

The stock was down 1.6% at $147 in mid-afternoon trading Thursday. The shares are trading at their lowest level since October 2022.

Below, we take a look at the technicals on Boeing’s weekly chart and identify important price levels that investors will likely be watching.

Boeing shares have spent most of this year descending within a falling wedge, a chart pattern consisting of downward sloping converging trendlines that indicates a potential bullish trend reversal.

Moreover, while the relative strength index (RSI) signals weak price momentum with a reading nearing oversold levels, it also increases the likelihood of possible upswings.

Looking ahead, investors should monitor four key overhead levels on Boeing's chart, while also keeping an eye on an important support level.

An initial breakout above the falling wedge pattern’s top trendline could see the shares climb to around $192, an area just below the 50- and 200-week moving averages where they may run into resistance near a trendline joining a range of comparable trading levels from June 2020 to July this year.

Buying above this level could see the shares move up to the $234 area. This region may encounter selling pressure near several peaks that formed on the chart between June 2020 and July last year.

The next higher area to watch sits at $268, a location where the stock could encounter resistance around the March 2021 and December 2023 swing highs.

A longer-term rally in Boeing shares may see bulls make a run at the $320 area, where investors who bought at lower levels could look to lock in profits near several troughs that formed on the chart shortly before the stock’s rapid Covid-driven descent in March 2020.

This level also sits just above a bars pattern price target that takes the stock’s trend higher preceding the falling wedge pattern and positions it from recent lows, assuming a potential continuation of the prior move.

If Boeing shares break down below the falling wedge, keep an eye on long-term lower support around $121, an area on the chart where buy-and-hold investors could look for buying opportunities near three prominent lows that formed on the chart between May 2020 and September 2022.

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Amazon (AMZN) shares advanced as the biggest online retailer said its Prime Day event this week was record-setting.

The company said that sales and number of items sold during Prime Big Deal Days on Tuesday and Wednesday were the most ever for one of its October events. Doug Herrington, CEO of Worldwide Amazon Stores, said it “marked a strong start to the holiday shopping season.”

Amazon is not alone in trying to get a jump on the key sales period heading into Christmas. Target’s (TGT) second Target Circle Week of the year kicked off on Sunday and runs through Saturday. Walmart’s (WMT) Holiday Deals event runs until Sunday.

Retailers may need the extra boost. Consultancy firm Bain & Co. predicts a below-average holiday sales increase of 3% this year, with declines for department stores, furniture and home furnishings stores, and stores that sell building and garden materials. It sees e-commerce sales as a winner, rising 5% or more.

Bain said that Americans across all income levels “are putting a freeze on their overall outlook and spending.” Its recommendation to retailers on how to boost sales is “emphasize value, no matter what your price point.”

Shares of Amazon have added a quarter of their value this year, while Walmart shares have doubled that. Shares of Target are up about 9%.

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