Petco IPO; House Votes to Decriminalize Marijuana

The highlight of the end of the week from a Wall Street perspective was actually a bad jobs report, which turned out to not only furnish more evidence of a sluggish recovery but also underscored the striking difference between stocks and the economy.

The economy added 245,000 jobs in November, a far cry from the 650,000 economists were expecting the country to add last month.

That, however, was no match for the Dow Jones Industrial Average, which rose 248 points, or 0.83%, to finish at 30,218.

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Petco files for IPO. Pet goods retailer Petco filed with for an initial public offering, and is set to become one of the premier names on Wall Street for the niche pet segment, which is in a secular growth mode as more millennials seek to own pets and the pandemic increases the demand for companion animals.

As part of its filing, Petco reported sales of $3.58 billion in the first 10 months of 2020 alone.

The company plans to trade on the Nasdaq under the symbol WOOF.

House passes cannabis decriminalization. In a landmark first for Capitol Hill, the House of Representatives passed a bill decriminalizing marijuana federally. Although it easily passed by a 228-164 margin, the bill is expected to die in the GOP-controlled Senate, making it largely symbolic for the time being.

Perhaps the fact that it’s merely symbolic is why none of the major marijuana stocks had major reactions to the news. Aurora Cannabis (ticker: ACB), Canopy Growth Corp. ( CGC) and Tilray ( TLRY), for instance, all actually fell on Friday.

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