Canopy Growth Corp. CGC
It’s been just under two weeks since we alerted readers that we were interested in the CGC 09/21 $30-40 Calls. This was as a direct result of beverage behemoth Constellation Brands’ (STZ) adding a multi-billion dollar block to its stake in CGC.
CGC shares themselves have risen 66% over the same period, from a low of 29.05 to yesterday’s new high of 48.19.
What this continued bullish surge has done for our options ideas has been nothing short of eye-popping. The update ranges and total possible gains so far are as follows:
$30 Calls – Range: 1.76-18.20 – Max Gain: 934%
$35 Calls – Range: .56-13.90 – Max Gain: 2382%
$40 Calls – Range: .16-8.75 – Max Gain: 5369%
The $40’s especially have obliterated our wildest expectations. A paltry $16 investment on a single $40 Call contract at the lows, would have been been worth roughly $859 at the highs!
FRESH IDEAS
As you can very plainly see, options are where the biggest potential profits lie, so we will of course be offering up a couple of fresh ideas this morning.
Both TIF and DSW are coming off of good receptions in the wake of their quarterly earnings reports today. We’ll take that into account and keep the following plays on watch:
Tiffany & Co. TIF Weekly $136-140 Calls
DSW, Inc. DSW 09/21 $30-35 Calls
Extended Watchlist:
RGSE, EGLT, MARA, CDXS, ECR, STAF, NEPT, CHFS