Earnings plays are playing the old song --- more red ink and fabulous promises without foundation. SELL INTO THE NOISE.

ACB - Aurora Cannabis misses by CAD0.05, misses on revs (8.38)Reports Q3 (Mar) loss of CAD0.11 per share, CAD0.05 worse than the S&P Capital IQ Consensus of (CAD0.06); revenues rose 20.3% year/year to CAD65.2 mln vs the CAD67.5 mln S&P Capital IQ Consensus. The Aurora Sky and Bradford facilities are now operating at full capacity. With this, the Company's annualized production run rate across its operational facilities is in excess of 150,000 kg per annum, based on planted rooms. Aurora reiterates its target for Q4 with production available for sale in excess of 25,000 kg. Management intends to allocate a portion of this capacity to its inventory for manufacturing new products. Aurora remains focused on having vapes and certain edibles ready for launch under new regulations in the Canadian consumer market which are expected toward the end of the calendar year. TLRY -Tilray beats by $0.03, beats on revs (48.74 +2.27) Reports Q1 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($0.30); revenues rose 194.9% year/year to $23 mln vs the $20.5 mln S&P Capital IQ Consensus. Total kilogram equivalents sold increased over two-fold to 3,012 kilograms from 1,299 kilograms in the prior year period. Average net selling price per gram decreased to $5.60 (C$7.54) compared to $5.94 (C$8.00) in the prior year period. The average net selling price excluding excise taxes was $5.28 (C$7.02) per gram for the first quarter of 2019. Gross margin increased sequentially to 23% from 20% in the prior quarter. Gross margin in the first quarter of 2018 was 50%. Gross margin continues to be impacted by increased costs incurred with the ramping up of cultivation facilities in Canada and Portugal and acquiring third party supply. Additionally, food product margins were impacted by an ~$0.7 million non-cash charge related to purchase accounting for the fair value of inventory. "We have made significant progress integrating our recent acquisitions of Manitoba Harvest and Natura Naturals, accelerating our entry into the United States hemp and CBD markets, and increasing our production and manufacturing capacity in North America and Europe. As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors."