Curaleaf Soars, Southwest Falls, Texas Instruments Climbs

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers: 

- Curaleaf (CURLF), as well as other cannabis-linked stocks soared today when the US Justice Department reclassified state-regulated marijuana as a less dangerous drug, a major shift that could increase legal cannabis sales and help a struggling industry. The directive signed by acting Attorney General Todd Blanche moved licensed marijuana products from Schedule I — the same federal category as heroin and LSD — to the less strictly controlled Schedule III. The action stops short of fully legalizing the drug for recreational use nationwide, but it meets the demands of many advocates who have long argued for looser restrictions.

- Southwest (LUV) declined to update its full-year profit guidance as US carriers contend with soaring fuel prices amid America’s protracted war in the Middle East. Shares in the Dallas-based airline fell in New York time after it reported adjusted quarterly profit and revenue just shy of Wall Street’s expectations. Southwest has declined roughly 7% this year, less than the Bloomberg World Airlines Index of 60 members in the period.

- Texas Instruments (TXN) shares jumped the most in more than two decades after the chipmaker gave a surprisingly strong forecast, helped by booming spending on data centers and industrial equipment. Revenue will be $5 billion to $5.4 billion in the second quarter, the company said in a statement Wednesday. Analysts had estimated $4.85 billion on average, according to data compiled by Bloomberg.

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