| 
May 07, 2023
The main stocks that are plunging: Cirrus Logic, Inc., Ubiquiti Inc., Bausch Health Companies Inc.
Markets had an interesting day Friday; Dow Jones ended the session at 33,674 after a 1.65% gain. S&P 500 gained 1.85% and closed at 4,136.25.
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.
Cirrus Logic continues a 26 day downtrend; slumps 3.49% Friday
After setting a $76.72 – $80.5 range, Cirrus Logic, Inc. closed the day 3.49% lower at $79.46. Early in Friday's session, Cirrus Logic dropped to $76.72 from $82.33 at the end of Thursday, before closing at $79.46. During the session, it lost 3.49%. Daily trading volume (1.75 million shares) was higher than the current multiday average of 791,317. Cirrus Logic reported earnings results Thursday; with EPS at 0.6 and revenues at $372.82 million, these results are mixed compared to a consensus of 0.84 Earnings Per Share and $367.69 million revenue. Since the release of its earnings report, Cirrus Logic lost 6.35%.
The company reported earnings results Thursday; with EPS at 0.6 and revenues at $372.82 million, these results are mixed compared to a consensus of 0.84 Earnings Per Share and $367.69 million revenue. Since the release of its earnings report, Cirrus Logic lost 6.35%.
| Ubiquiti | 25.81% ($49.16) depreciation over 25 days ($1.97 per day average)
After setting a $195.54 – $221.37 range, Ubiquiti closed the day 9.42% lower at $201.57. Ubiquiti closed at $201.57 after dropping by 9.42% ($20.96), its largest single-day drop since November 2022. After ending Thursday at $222.53, Ubiquiti dropped to $195.54 early in Friday's session and closed at $201.57. In total, it lost 9.42%. Daily trading volume (219,234 shares) was above the current multiday average of 56,552. Ubiquiti distributed a dividend of 60 cents per share on Tuesday, February 21st for all shareholders on record up until Monday, February 13th. Based on current prices, the decision means shareholders are receiving an annualised dividend yield of 1.19%.
| Bausch Health Companies | 22.37% ($1.62) depreciation over 5 days (32.4 cents per day average)
More of the same from Friday's session: the Canadian specialty pharmaceutical company has recovered almost all of its session losses after dipping down to $5.7 Friday. After setting a $5.7 – $6.04 range, Bausch Health Companies closed the day 1.02% lower at $5.83. Daily trading volume (4.57 million shares) was higher than the current multiday average of 2.76 million.
Bausch Health Companies's market cap currently stands at $2.12 billion with an average daily trading volume of 2.76 million shares. Since its 52-week high of $16.04, the pharma developer and manufacturer has lost 63.42% over the last twelve months. So far this year, it has been doing worse than the Nasdaq by 22.55%. Trending downwards for around a month.
