Scotts Miracle-Gro (SMG) Gains as Pot Business Highlighted
- Dow opens at record high led by oil, bank stocks
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Wall St. stock futures fall after Italy referendum
- Pre-Open Stock Movers 12/05: (FRP) (GMED) (CHK) Higher; (CERC) (HDSN) (MRVL) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Scotts Miracle-Gro (NYSE: SMG) is gaining Wednesday after Bloomberg highlighted the stock as a play on legalized marijuana.
The article notes the company has been on a buying spree of companies that provide specialty fertilizers, lighting and other supplies for hydroponics.
Scotts' hydroponics business now generates about $250 million of revenue a year. While less than 10% of the company's $2.9 billion in revenue generated in the last 12 months, margins are higher analysts note.
Shares of SMG are up 2.3% to $85.50.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- GTx, Inc. (GTXI) Announces One-for-Ten Headline Original Headline: GTx, Inc. Announces 1-for-10 Reverse Stock Split GTXI:
- JPMorgan (JPM) volatility low as shares at low end of range as shares at record high
- Ocean Power Technologies (OPTT), Sonalysts Enter Joint Marketing Agreement
Create E-mail Alert Related CategoriesCorporate News, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!