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June 09, 2023
Advance Auto Parts Inc, Canopy Growth Corporation, HEXO Corp. and others have been dropping. Here is what you should know.
Markets are currently flat. Nasdaq holds at 13,252. S&P 500 trades sideways at 4,296.37.
This limbo state is reflected by market data published as Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000.
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.
| Advance Auto Parts | 46.02% fall over 13 days
Advance Auto Parts Inc drops 0.42% since opening around $64.65 after closing the previous day at $64.74, the car parts supplier dropped to $63.9, hitting its lowest point in 10 years. It later recovered 57 cents and is now trading at $64.47. Slightly weaker but mostly flat: Advance Auto Parts is currently trading at $64.47 as it maintains an active range between $63.9 and $64.88. Just recently, Advance Auto Parts's board disclosed a quarterly dividend of $1.5 per share and subsequently paid on Friday, April 28th for all shareholders of record up until Friday, April 14th. The company's decision thereby provides Advance Auto Parts investors with an annualised dividend yield of 9.31% (based on current prices).
13 days of losses drag on for Canopy Growth
Canopy Growth drops 3.23% since opening around 70.91 cents the cannabis producer slides down from 69.4 cents to 67.16 cents, losing 2.24 cents (3.23%).
| HEXO Corp. | 41.66% decline over 16 days
HEXO Corp. drops 6% since opening around 90 cents the cannabis product maker slides down from 89.35 cents to 84.01 cents, losing 5.34 cents (6%). HEXO Corp. is scheduled to announce earnings results Monday. The consensus EPS estimate is -0.01 and the consensus revenue estimate is $18.76 million.
HEXO Corp. is trading in a 83.2 cents – 90.99 cents range prior to its earnings announcement.
