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May 27, 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.
Meanwhile, data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.2% this month.
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)
After setting a $137.46 – $141.15 range, Churchill Downs Incorporated closed the day 1.62% lower at $137.57. An influx of sellers pushed the horse racing enabler to session lows around $137.46 while establishing a $137.46 to $141.15 session range yesterday. Daily trading volume (355,668 shares) increased, making up 142% of the 21-day average (250,478).
Virgin Galactic continues a 4 day downtrend; drops 16.54% yesterday
Yesterday's session continued the recent downtrend: after ending Thursday at $4.05, Virgin Galactic dropped to $3.31 early in yesterday's session and closed at $3.38. In total, it lost 16.54%. After setting a $3.31 – $4 range, Virgin Galactic closed the day 16.54% lower at $3.38. Daily trading volume (28.42 million shares) increased, making up 239% of the 21-day average (11.90 million).
Virgin Galactic's market cap currently stands at $955.14 million with an average daily trading volume of 11.90 million shares. The space tourism spearhead is now trading 34.36% below its 3-month high of $8.25. So far this year, it has been doing worse than the Nasdaq by 23.03%. Trading mostly sideways for 5 months. Virgin Galactic has a forecast of $1.16 million with an EPS of -52 cents.
| 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 yesterday before closing at $1.02, thereby losing 12.82% in total. Daily trading volume (493,411 shares) increased, making up 153% of the 21-day average (321,467).
