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May 04, 2023
PacWest Bancorp, Icahn Enterprises L.P., Cloudflare, Inc. and others have been slumping.
Leading equity indices in the US declined as Dow Jones lost 0.86% and ended the session at 33,128. S&P 500 shed 0.72% and closed at 4,061.22.
This down-slide takes place while United States macroeconomics indicators data published earlier are pointing downward as well — United States Initial Jobless Claims fell short of the 240,000 projections, with new data of 242,000.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
PacWest Bancorp continues a 6 day downtrend; crashes 50.62% today
After setting a $2.48 – $4.15 range, PacWest Bancorp closed the day 50.62% lower at $3.17. PacWest Bancorp dropped by 50.62% ($3.25) today, its largest single-day drop since Mar 10; however, it is currently turning things around in after-hours trading as its goes up by 4.73% to $3.32. Early in today's session, PacWest Bancorp dropped to $2.48 from $6.42 at the end of yesterday, before closing at $3.17. During the session, it lost 50.62%. Daily trading volume (106.42 million shares) increased, making up 602% of the 21-day average (17.67 million). PacWest Bancorp distributed a dividend of 25 cents per share on Tuesday, February 28th for all shareholders on record up until Wednesday, February 15th. Based on current prices, the decision means shareholders are receiving an annualised dividend yield of 31.55%.
| Icahn Enterprises | continues a 13 day decline; tumbles 7.61% today
After setting a $28.3 – $33.4 range, Icahn Enterprises closed the day 7.61% lower at $30.09. Icahn Enterprises gains 4.65% in after-hours and trades at $31.49. This comes following a session of losses in which it closed at $30.09 after dropping to $28.3 for the first time in 13 years. The diversified holding company has recovered almost all of its session losses after dipping down to $28.3 today. Icahn Enterprises is scheduled to announce earnings results tomorrow. The consensus EPS estimate is 0.19 and the consensus revenue estimate is $2.56 billion.
Icahn Enterprises is scheduled to announce earnings results tomorrow. The consensus Earnings Per Share estimate is 0.19 and the consensus revenue estimate is $2.56 billion.
Cloudflare continues a 15 day downtrend; slips 3.39% today
After setting a $39.91 – $42.84 range, Cloudflare closed the day 3.39% lower at $40.48. Cloudflare dropped to $39.91, its lowest point in 3 months. It later recovered 57 cents and closed at $40.48. Grinding lower but with no clear-cut direction, the US content delivery network closed the session at $40.48 after forming a distinct $39.91 – $42.84 range. Daily trading volume (9.89 million shares) increased, making up 164% of the 21-day average (6 million).
