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March 13, 2023
- PacWest Bancorp suffered relatively more than others Friday after 37.91% dip As things stand, DocuSign (down 22.85%) and Outbrain (down 9.68%) are underperforming today
- Asia-Pacific markets are currently mixed so far this session.
Before today's session: leading equity indices in the US declined as S&P 500 shed 1.45% and closed at 3,861.59. Nasdaq slipped 1.76% and closed at 11,139.
US markets are now currently closed and set to reopen today; meanwhile, Asia-Pacific markets are in session with varied performances. European markets were down Friday as FTSE dips to 7,748.35 (down 1.67%).
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The iShares U.S. Treasury Bond ETF has gone up 1.41% to trade at $23.05, thereby indicating that government bond yields were downbeat across the yield curve.
Oracle & The Toro Company have released their earnings reports with Pinduoduo and UroGen Pharma Ltd. are set to publish their respective reports as scheduled.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Retail Sales projected to decline to -0.3% while previous data was 3%; data will be released Wednesday. Wednesday data for United States Core Retail Sales will be released, with an expected decline to 0.2% from the preceding figure of 2.3%. Projections for United States Producer Price Index are set for a continuation of decline with 0.3% while previous data was 0.7%; data will be released Wednesday.
Friday's bearishness meant that PacWest Bancorp lost 37.91% Friday before closing at $12.35. DocuSign (down 22.85%), Outbrain (down 9.68%) also underperformed Friday.
DocuSign plummets 22.85% in repeat of sell-off 9 months ago
DocuSign Inc traded at $49.69 after making its biggest single-day drop of $14.72 (22.85%) since June 2022. Friday's 22.85% loss extends a 3 day bearish run in which DocuSign had already lost $1.25 from its share value. Daily trading volume (29 million shares) increased, making up 573% of the 21-day average (5 million).
DocuSign was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 0.07 per share on revenue of $659.58 million, topping estimates of 0.04 per share on revenue of $626.93 million.
Friday's down move comes on back of 7 days of trading sideways. Daily trading volume (266,739 shares) was above the current multiday average of 145,570.
