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March 10, 2023
SVB Financial Group, CureVac N.V., Qurate Retail, Inc. and others have been dropping. Here is what you should know.
Leading equity indices in the US declined as Dow Jones was down 1.66% before closing the session at 32,255. S&P 500 shed 1.85% and closed at 3,918.32.
This down-slide takes place while United States macroeconomics indicators data published earlier are pointing downward as well — data from United States concerning Initial Jobless Claims was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 190,000 to 211,000 this month.
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.
SVB continues a 5 day downtrend; tumbles 60.41% yesterday
After setting a $100 – $177.49 range, SVB Financial Group closed the day 60.41% lower at $106.04. SVB Financial Group falls 22.2% in after-hours and trades at $82.5. This comes following a session of losses in which it closed at $106.04 after dropping to $100 for the first time in 2 years. Early in yesterday's session, SVB dropped to $100 from $267.83 at the end of Wednesday, before closing at $106.04. During the session, it lost 60.41%. Daily trading volume (33.20 million shares) was higher than the current multiday average of 2.23 million.
| CureVac | 42.83% ($4.47) depreciation over 26 days (17.1923 cents per day average)
Yesterday's session continued down the same path: the RNA therapeutics developer plunged into the red after losing 7.92%, declining to $6.74. After setting a $6.68 – $7.32 range, CureVac closed the day 7.92% lower at $6.74. CureVac dropped to $6.68, its lowest point in 2 months. It later recovered 6 cents and closed at $6.74. Trading volume totalled 855,623 which equates to around 74% of the stock's 21-day average yesterday.
The company has a market cap of $1.50 billion with an average daily volume of 1.15 million shares. Having set a significant high of $19.92 11 months ago, the RNA therapeutics developer is trading 63.25% lower. So far this year, it has been doing worse than the Nasdaq by 3.05%. Trending downwards for around a month. CureVac is forecasted to generate revenues of $11.60 million and EPS of -22 cents.
| Qurate Retail | 39.81% (77 cents) depreciation over 8 days (9.625 cents per day average)
After setting a $1.26 – $1.4 range, Qurate Retail closed the day 5.22% lower at $1.27. Grinding lower but with no clear-cut direction, the media conglomerate closed the session at $1.27 after forming a distinct $1.26 – $1.4 range. Daily trading volume (8.16 million shares) increased, making up 106% of the 21-day average (7.71 million).
