Stocks to Watch: Canopy Growth, Metropolitan Bank, Netflix

Dow Jones04-19

By Dean Seal

Canopy Growth said Thursday that three of its directors, who were each nominated by Constellation Brands, have resigned in connection with Constellation converting its equity stake in the company from common shares to a new class of exchangeable shares. The exchangeable shares won't carry any voting rights or rights to receive dividends, but can be converted back to common stock at Constellation's discretion. Constellation Chief Executive Bill Newlands said the move is aligned with the company's intent to "not deploy additional investment in Canopy." Canopy shares fell 7%, to $7.28, in aftermarket trading.

Metropolitan Bank posted earnings of $1.46 a share for the first quarter, topping analyst projections for $1.31 a share, according to FactSet. Net interest income ticked up to $59.7 million, ahead of forecasts for $58.8 million, and also rose sequentially due to loan growth and higher yields. Shares rose 12%, to $37, in post-market trading.

Netflix guided for $9.49 billion in sales for the second quarter, behind analyst estimates for $9.52 billion, according to FactSet. Its first-quarter results meanwhile topped projections. Shares slid 4.9%, to $580.99, after hours.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 18, 2024 18:39 ET (22:39 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The exchangeable shares won't carry any voting rights or rights to receive dividends, but can be converted back to common stock at Constellation's discretion. Constellation Chief Executive Bill Newlands said the move is aligned with the company's intent to \"not deploy additional investment in Canopy.\" Canopy shares fell 7%, to $7.28, in aftermarket trading. \n\n\n  Metropolitan Bank posted earnings of $1.46 a share for the first quarter, topping analyst projections for $1.31 a share, according to FactSet. Net interest income ticked up to $59.7 million, ahead of forecasts for $58.8 million, and also rose sequentially due to loan growth and higher yields. Shares rose 12%, to $37, in post-market trading. \n\n\n  Netflix guided for $9.49 billion in sales for the second quarter, behind analyst estimates for $9.52 billion, according to FactSet. Its first-quarter results meanwhile topped projections. 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