No matter your level of experience investing money on Wall Street, it's been a rough year. Meanwhile, the technology-driven Nasdaq Composite declined close to 30% from its November all-time high, firmly placing it in a bear market. This is why Wall Street analysts typically have a bullish outlook on many of the companies they cover.
Canadian cannabis company Aurora Cannabis (NASDAQ: ACB) reported its fiscal third-quarter 2022 earnings last night, and in so doing, sparked a rally across the cannabis sector today. As of 1 p.m. ET, shares of Aurora Cannabis itself are already up 13%, and peer producers Canopy Growth (NASDAQ: CGC) and Sundial Growers (NASDAQ: SNDL) are benefiting as well -- up 8.5% and 5.9%, respectively. Heading into Q3, analysts had forecast that Aurora Cannabis would lose $0.19 per share (0.25 Canadian dollars, and furthermore, this was a pro forma prediction) on sales of $41.5 million -- about CA$53.7 million.
With me today are CEO, Miguel Martin; and CFO, Glen Ibbott. Listeners are also reminded that certain matters discussed in today's conference call could constitute forward-looking statements that are subject to risks and uncertainties related to our future financial or business performance.