The stock market rose on Friday, putting the cherry on top of an extremely strong first quarter of 2019. Most major benchmarks were higher by 0.7% to 0.8% to close the week, and investors seemed to be more comfortable with the likelihood that the U.S. economy will be able to withstand some of the pressure it's facing from the slowdown in global economic activity. However, some stocks weren't able to participate in the market's gains. AstraZeneca (NYSE:AZN), Yeti Holdings (NYSE:YETI), and CannTrust Holdings (NYSE:CTST) were among the worst performers. Here's why they did so poorly.

AstraZeneca makes a deal

Shares of AstraZeneca dropped 6% after the pharmaceutical company said that it had entered into a major deal with an industry peer. The company agreed to pay Japan's Daiichi Sankyo $6.9 billion, including a $1.35 billion up-front payment, in order to work together to develop its antibody-drug conjugate cancer treatment trastuzumab deruxtecan. Investors have generally been pleased with the progress that AstraZeneca has made lately in seeking growth opportunities. Yet the terms of this arrangement seem to favor Daiichi, and shareholders will want to understand better how the collaboration will benefit AstraZeneca before they'll feel entirely confident about it.

Beige ice cooler labeled Yeti.

Image source: Yeti.

Yeti gets downgraded

Yeti Holdings' stock fell 5% following a downgrade from an analyst company. Analysts at Morgan Stanley downgraded the premium cooler and accessories manufacturer from overweight to equal weight, arguing that even though Yeti's fundamental prospects look good, the huge gains in the stock have already baked in much of the potential future growth. Shareholders seemed to agree, even though Morgan Stanley did boost its price target by $6 to $32 per share. Yeti draws strong opinions from bulls and bears alike, but so far, those who bought the stock near its 2018 IPO have done well even after today's decline.

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CannTrust can't get higher

Finally, shares of CannTrust Holdings closed lower by 4%. The Canadian cannabis stock continued its decline from Thursday, when its 19% drop stemmed from disappointing fourth-quarter financial results. After a huge first quarter of 2019 for marijuana stocks, their latest results seem to be making investors reassess the entire sector, and CannTrust's novelty means that investors aren't as familiar with the company as they are with some of its competitors. In the long run, CannTrust's efforts to bulk up production might well pay off, but shareholders want to see proof before they'll be willing to bid the stock higher.