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March 11, 2023
PacWest Bancorp, Qurate Retail, Inc., Sirius XM Holdings Inc and others have been dropping. Here is what you should know.
Leading equity indices in the US declined as S&P 500 was down 1.45% before closing the session at 3,861.59. Nasdaq closed at 11,139, a 1.76% change.
On the flip side, United States Non Farm Payrolls beat the 205,000 projections, with 311,000.
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 | 56.38% ($8.42) depreciation over 11 days (76.5455 cents per day average)
After setting a $12.21 – $17.84 range, PacWest Bancorp closed the day 37.91% lower at $12.35. After ending yesterday at $12.35, the bank holding company dropped $7.54 to $12.21, reaching its lowest point in 2 years. After ending Thursday at $19.89, PacWest Bancorp dropped to $12.21 early in yesterday's session and closed at $12.35. In total, it lost 37.91%. Daily trading volume (36.86 million shares) was higher than the current multiday average of 3.57 million.
| Qurate Retail | 43.6% (84 cents) depreciation over 9 days (9.3333 cents per day average)
After setting a $1.14 – $1.29 range, Qurate Retail closed the day 6.3% lower at $1.19. An influx of sellers pushed the media conglomerate to session lows around $1.14 while establishing a $1.14 to $1.29 session range yesterday. The day's trading volume totalled 7.11 million shares — slightly under the 21-day average of 7.72 million.
| Sirius XM | 38.83% ($2.2) depreciation over a month (5.5 cents per day average)
After setting a $3.64 – $3.8 range, Sirius XM closed the day 3.42% lower at $3.67. After closing the previous day at $3.8, the satellite and online radio company dropped to $3.64, hitting its lowest point in 7 years. It later recovered 3 cents and is now trading at $3.67. Early in yesterday's session, Sirius XM dropped to $3.64 from $3.8 at the end of Thursday, before closing at $3.67. During the session, it lost 3.42%. Daily trading volume (21.51 million shares) was slightly above the current multiday average of 17.14 million.
