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June 08, 2023
Canopy Growth Corporation, HEXO Corp., Mullen Automotive, Inc. and others have been dropping. Here is what you should know.
The leading indices are showing gains — Nasdaq goes up 0.81%, trading at 13,200. Dow Jones up to 33,828, gaining 0.49%.
On the other hand, 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.
| Canopy Growth | 39.91% fall over 12 days
Canopy Growth Corporation drops 2.71% since opening around 72.11 cents the Canadian cannabis supplier slides down from 72.27 cents to 70.31 cents, losing 1.96 cents (2.71%).
HEXO Corp. continues a 15 day downtrend; slumps 3.23% this session
HEXO Corp. drops 3.23% since opening around 93 cents after dipping as low as 89.75 cents, the cannabis product maker is recovering ground lost since the previous session close (93 cents); currently trading at 90 cents. 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 89.75 cents – 95.98 cents range prior to its earnings announcement.
| Mullen Automotive | dips to 47.29 cents while on a 9 day downtrend
Similar trend today: the automotive industry company is trading close to the 47.29 cents level today, after ending yesterday at 51.77 cents and dropping 8.65%. Mullen drops 8.65% since opening around 50.92 cents the trading volume is at 52 million, 130% above the 21-day average of 39.98 million.
Mullen Automotive has a market cap of $103.26 million with an average daily volume of 39.98 million shares. Having set a significant high of $2.02 a month ago, the US automotive and EV manufacturer is trading 74.43% lower. The Nasdaq has been doing worse in 2022, it has been passing it by 40.29%. On a negative trend for around a month. Mullen Automotive is forecasted to generate revenues of $37.3 million and EPS of $4.
