Investing.com - There was no ignoring cannabis stocks again midday as Tilray skyrocketed on momentum trading and hopes of a major partnership, rising more than 50%.
Tilray (NASDAQ:TLRY) stock gained about 50% at 12:14 AM ET (16:14 GMT).
The stock is up more than 600% since its July IPO and gains earlier this morning put its market cap ahead of American Airlines (NASDAQ:AAL), Clorox (NYSE:CLX) and CBS (NYSE:CBS).
Shares started jumping before the bell as CEO Brendan Kennedy told CNBC that partnerships between cannabis, alcohol and pharmaceutical companies could be forthcoming.
Other cannabis stocks saw some gains, with Cronos Group (NASDAQ:CRON) soaring about 24%, Aurora Cannabis Inc (OTC:ACBFF) up about 10% and Canopy Growth (NYSE:CGC) rising about 3%.
Travel website Trivago (NASDAQ:TRVG) jumped about 7% after a Boston hedge fund bought a large chunk of shares.
PAR Capital Management raised its stake in the company to 11% of outstanding shares earlier this week, according to an SEC filing.
And the S&P Utilities Sector index fell about 1.6% as bond yields rose on strong housing starts numbers.
Housing starts rose more than expected in August, pushing the yield on the 10-Year Treasury Note further above the psychologically important 3% level.
As investors expect the Federal Reserve to continue gradually raising rates, and bond prices fall, pushing yields up, dividend-paying stocks like utilities become less attractive.