Broader Markets gapped down; bouncing off the low off the day around 3pm ET (I'll have to check my post for the exact time). Cannabis sector, like many other stocks and sectors, remain in bearish correction territory. Today, with the help of market manipulation (bulk trades painting the tape at 4pm; especially with $ACB) the big board cannabis stocks edged out of bearish correction territory with Canopy Growth looking the strongest overall.
To address your statement, "If Monday's revenues were excellent, this stock wouldn't be deep in red just hours before...", the price action leading up to the earnings report is irrelevant. I've witnessed many $100+ and $1,000+ stocks run-up and run-up prior to earnings where earnings either aligned with the pre-earnings results, or gapped and ran in the opposite direction. It's all psychological.
2018 has been full of earnings results beating the streets expectations; however, future guidance caused them to fall. The same can be said in reverse. Truth is no-one knows how the institutional money, algorithms, and general psychology of investors and traders will react, until the earnings are reported and the conference call is completed. I'd expect some knee-jerking volatility throughout the morning hours. Trade with caution and protect your capital.
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