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February 27, 2023
The main stocks that are plunging: Mullen Automotive, Inc., SuperCom Ltd., Opendoor Technologies Inc.
Leading equity indices in the US declined as after dropping 1.69%, Nasdaq closed at 11,400. Dow Jones was down 1.02% before closing the session at 32,817.
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.
| Mullen | 38.74% (13.5 cents) depreciation over 9 days (1.5 cents per day average)
After setting a 22.51 cents – 23.98 cents range, Mullen Automotive, Inc. closed the day 4.69% lower at 23.15 cents. The automotive industry company has recovered almost all of its session losses after dipping down to 22.51 cents Friday. The day's trading volume totalled 111.87 million shares — lower than the 21-day average of 172.82 million.
| SuperCom | continues a 14 day decline; retreats 3.76% Friday
Friday's session continued down the same path: after ending Thursday at $1.86, SuperCom declined to $1.78 Friday before closing at $1.79, thereby losing 3.76% in total. After setting a $1.78 – $1.88 range, SuperCom closed the day 3.76% lower at $1.79. The day's trading volume totalled 29,974 shares — lower than the 21-day average of 52,702.
The integrated solutions provider's market cap currently stands at $6.50 million with an average daily trading volume of 52,702 shares. Having set a significant high of $2.69 21 days ago, the integrated solutions provider is trading 30.86% lower. The stock has been trending positively for about 3 months.
Opendoor Technologies Inc continues a 7 day downtrend; falls 12.09% Friday
After setting a $1.55 – $1.74 range, Opendoor Technologies Inc closed the day 12.09% lower at $1.6. Opendoor Technologies Inc dropped by 12.09% (22 cents) Friday, its largest single-day drop since November 2022; however, it is currently turning things around in pre-market trading as its goes up by 2.5% to $1.64. Opendoor Technologies Inc was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of -0.73 per share on revenue of $2.86 billion, topping estimates of -0.79 per share on revenue of $2.43 billion.
Opendoor Technologies Inc was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of -0.73 per share on revenue of $2.86 billion, topping estimates of -0.79 per share on revenue of $2.43 billion.
