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April 04, 2023
The main stocks that are plunging: Curaleaf Holdings, Inc., Signature Bank, Trulieve Cannabis Corp.
Markets completed a mixed session yesterday while Dow Jones ended the session at 33,600 after a 0.98% gain. S&P 500 gained 0.37% and closed at 4,124.51.
Current market events are being influenced by ambiguous macro data as United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7.
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.
| Curaleaf | 30.75% ($1.06) depreciation over 22 days (4.8182 cents per day average)
Yesterday's session continued down the same path: early in yesterday's session, Curaleaf Holdings, Inc. dropped to $2.66 from $2.81 at the end of Friday, before closing at $2.68. During the session, it lost 4.63%. After setting a $2.66 – $2.83 range, Curaleaf closed the day 4.63% lower at $2.68. The day's trading volume totalled 268,908 shares — lower than the 21-day average of 1 million.
Curaleaf has a market cap of $1.92 billion with an average daily volume of 1 million shares. Having set a significant low of $2.68 a day ago, the leading medical and recreational marijuana dispensary is trading 4.85% higher. Pointing downwards for around 3 months.
| Signature Bank | 29.21% (5.7 cents) depreciation over 4 days (1.425 cents per day average)
After setting a 16.2 cents – 21.8 cents range, Signature Bank closed the day 7.16% lower at 16.99 cents. Slightly down but mostly flat: Signature Bank ranged between 16.2 cents and 21.8 cents before closing at 16.99 cents. Daily trading volume (15.81 million shares) increased, making up 112% of the 21-day average (14.17 million). Signature Bank disclosed a quarterly dividend of 70 cents per share on Thursday, January 12th that was paid on Friday, February 10th to all shareholders of record up until Friday, January 27th. Based on current prices, the company's decision thereby provides Signature Bank investors with an annual dividend yield of 1,648%.
| Trulieve Cannabis | 18.6% (97 cents) depreciation over 21 days (4.619 cents per day average)
After setting a $5.27 – $5.59 range, Trulieve Cannabis closed the day 4.47% lower at $5.34. Trulieve Cannabis shed 4.47%, falling to $5.34. Yesterday's trading volume was 313,398 shares which is below the 21-day average of 531,973.
