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June 04, 2023
The main stocks that are plunging: Advance Auto Parts Inc, Canopy Growth Corporation, C3.ai, Inc.
Markets were up Friday; Dow Jones gained 2.12% and closed at 33,763. S&P 500 closed the day at 4,282.37, having gained 1.45%.
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.
| Advance Auto Parts | 43.44% ($51.41) depreciation over 9 days ($5.71 per day average)
After setting a $66.27 – $69 range, Advance Auto Parts Inc closed the day 0.69% lower at $67.56. Slightly down but mostly flat: Advance Auto Parts ranged between $66.27 and $69 before closing at $67.56. Daily trading volume (7 million shares) was above the current multiday average of 2.73 million. Advance Auto Parts disclosed a quarterly dividend of $1.5 per share on Tuesday, February 21st 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 Advance Auto Parts investors with an annual dividend yield of 8.88%.
| Canopy Growth | 29.48% (33.51 cents) depreciation over 9 days (3.7233 cents per day average)
After setting a 81.72 cents – 86.42 cents range, Canopy Growth closed the day 1.17% lower at 82.51 cents. Slightly down but mostly flat: Canopy Growth ranged between 81.72 cents and 86.42 cents before closing at 82.51 cents. Trading volume totalled 5.53 million which equates to around 53% of the stock's 21-day average Friday.
| C3.ai | 26.6% ($9.23) depreciation over 4 days ($2.31 per day average)
After setting a $30.6 – $34.57 range, C3.ai closed the day 7.09% lower at $32.26. An influx of sellers pushed the enterprise AI software provider to end the session lower around $32.26, while establishing a $30.6 to $34.57 session range Friday. Daily trading volume (44.25 million shares) increased, making up 131% of the 21-day average (33.90 million).
