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May 29, 2023
Churchill Downs Incorporated, Virgin Galactic Holdings, Inc., HEXO Corp. and others have been dropping. Here is what you should know.
Leading equity indices in the US rose as Nasdaq closed the day at 12,976, having gained 2.19%. S&P 500 gained 1.3% and closed at 4,205.45.
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.
| Churchill Downs Incorporated | 53.56% ($156.42) depreciation over 16 days ($9.78 per day average)
Friday's session continued the recent downtrend: pronounced bearish sentiment in the market pushed the horse track and gambling operator into a notable 1.62% slide Friday, falling $2.27 and ultimately closing at $137.57. After setting a $137.46 – $141.15 range, Churchill Downs Incorporated closed the day 1.62% lower at $137.57. Daily trading volume (363,178 shares) increased, making up 145% of the 21-day average (250,478).
The horse track and gambling operator's market cap currently stands at $10.30 billion with an average daily volume of 250,478 shares. Over the past 28 days, the horse racing enabler has retreated 53.1% from a noteworthy peak of $298.16. Churchill Downs Incorporated expected revenue of $797.81 million with an EPS of $1.77.
| Virgin Galactic | 31.44% (88 cents) depreciation over 4 days (22 cents per day average)
After setting a $3.31 – $4 range, Virgin Galactic closed the day 16.54% lower at $3.38. After ending Thursday at $4.05, Virgin Galactic dropped to $3.31 early in Friday's session and closed at $3.38. In total, it lost 16.54%. Daily trading volume (29.14 million shares) increased, making up 245% of the 21-day average (11.90 million).
| HEXO Corp. | 29.17% (27 cents) depreciation over 8 days (3.375 cents per day average)
After setting a 98 cents – $1.04 range, HEXO Corp. closed the day 12.82% lower at $1.02. After ending Thursday at $1.17, HEXO Corp. declined to 98 cents Friday before closing at $1.02, thereby losing 12.82% in total. Daily trading volume (499,041 shares) was higher than the current multiday average of 321,467.
