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June 26, 2023
The main stocks that are plunging: Skillz Inc., Sundial Growers Inc., Canopy Growth Corporation
Leading equity indices in the US declined as S&P 500 closed at 4,348.33, a 0.77% change. After dropping 1%, Nasdaq closed at 13,500.
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.
| Skillz | continues a 5 day decline; plunges 21.2% Friday
After setting a 47.1 cents – 51.98 cents range, Skillz Inc. closed the day 21.2% lower at 47.1 cents. Skillz traded at 47.1 cents after making its biggest single-day drop of 12.67 cents (21.2%) since November 2022. Early in Friday's session, Skillz dropped to 47.1 cents from 59.77 cents at the end of Thursday, before closing at 47.1 cents. During the session, it lost 21.2%. Daily trading volume (53.49 million shares) increased, making up 552% of the 21-day average (9.68 million).
Sundial Growers continues a 23 day downtrend; drops 9.42% Friday
After setting a $1.25 – $1.36 range, Sundial Growers closed the day 9.42% lower at $1.25. Sundial Growers dropped by 9.42% (13 cents), its largest single-day drop since May 25. After ending Thursday at $1.38, Sundial Growers dropped to $1.25 early in Friday's session and closed at $1.25. In total, it lost 9.42%. Daily trading volume (5.86 million shares) was higher than the current multiday average of 2.81 million.
| Canopy Growth | continues a 9 day decline; plunges 13.95% Friday
After setting a 50 cents – 56.3 cents range, Canopy Growth closed the day 13.95% lower at 51.75 cents. Canopy Growth traded at 51.75 cents after making its biggest single-day drop of 8.39 cents (13.95%) since Jun 6. Daily trading volume (26.50 million shares) was above the current multiday average of 12.55 million. Canopy Growth reported earnings results Thursday; with EPS at -0.42, these results are ambiguous when compared to a consensus of -0.15 Earnings Per Share. Since the release of its earnings report, Canopy Growth lost 13.72%.
Canopy Growth reported ambiguous earnings results Thursday, with EPS at -0.42 and revenues at $98.15 million. Since the release of its earnings report, Canopy Growth lost 13.72%.
