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May 26, 2023
Bright Health Group Inc., Icahn Enterprises L.P., Foot Locker, Inc. have been the noticable stocks on a downtrend. Here is what you need to know.
Markets completed a mixed session yesterday while Nasdaq gained 1.71% and closed at 12,700. S&P 500 closed the day at 4,151.28, having gained 0.88%.
This limbo state is reflected by market data published as highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
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.
| Bright Health | continues a 4 day decline; moves 23.43% yesterday
After setting a $7.8 – $10.42 range, Bright Health Group Inc. closed the day 23.43% lower at $8.07. Pronounced bearish market sentiment ensured that the health insurance provider made a notable 23.43% loss yesterday, declining $2.47 and ultimately closing at $8.07. Trading volume totalled 420,193 which equates to around 6% of the stock's 21-day average yesterday.
| Icahn Enterprises | 41.72% ($11.46) depreciation over 10 days ($1.15 per day average)
Yesterday's session continued the recent downtrend: early in yesterday's session, Icahn Enterprises dropped to $18.03 from $23.94 at the end of Wednesday, before closing at $20.63. During the session, it lost 13.83%. After setting a $18.03 – $22 range, Icahn Enterprises closed the day 13.83% lower at $20.63. Icahn Enterprises gains 1.79% in after-hours and trades at $21. This comes following a session of losses in which it closed at $20.63 after dropping to $18.03 for the first time in 14 years. Daily trading volume (17.68 million shares) was above the current multiday average of 5.97 million.
The company's market cap currently stands at $7.62 billion with an average daily volume of 5.97 million shares. Icahn Enterprises hit a significant low of $20.63 around a day ago, but has since recovered 16.04%. So far this year, it has been doing worse than the Nasdaq by 73.23%. Icahn Enterprises is forecasted to generate revenues of $2.56 billion and EPS of -75 cents.
Foot Locker continues a 7 day downtrend; slips 1.3% yesterday
After setting a $25.38 – $26.25 range, Foot Locker closed the day 1.3% lower at $25.82. Despite the risk-off mood, Foot Locker was range-bound between $25.38 to $26.25 and settled at $25.82. Yesterday's trading volume was 5.38 million shares which is slightly under the 21-day average of 5.57 million. Foot Locker disclosed a quarterly dividend of 40 cents per share on Wednesday, February 15th that was paid on Friday, April 28th to all shareholders of record up until Friday, April 14th. Based on current prices, the company's decision thereby provides Foot Locker investors with an annual dividend yield of 6.2%.
