The 3 down-trending stocks that met bullish equities sentiment yesterday

Published: May 27 2023, 00:30 GMT+0

The 3 down-trending stocks that met bullish equities sentiment yesterday

Churchill Downs Incorporated, Virgin Galactic Holdings, Inc., HEXO Corp. are currently leading the list of down-trending stocks.

Markets had an interesting day yesterday; Nasdaq gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.

Meanwhile, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%.

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. Pronounced bearish market sentiment ensured that the horse racing enabler made a notable 1.62% loss yesterday, declining $2.27 and ultimately closing at $137.57. Daily trading volume (355,668 shares) was higher than the current multiday average of 239,449.

| Virgin Galactic | continues a 4 day decline; falls 16.54% yesterday

Yesterday's session continued down the same path: 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. Virgin Galactic traded at $3.38 after making its biggest single-day drop of 67 cents (16.54%) since Apr 4. Daily trading volume (28.42 million shares) was above the current multiday average of 10.66 million.

The space tourism spearhead's market cap currently stands at $955.14 million with an average daily trading volume of 10.66 million shares. The space tourism spearhead has shed 34.36% over the past three months. So far this year, it has been under-performing the Nasdaq by 23.03%. Trading mostly sideways for 5 months. Virgin Galactic is forecasted to generate revenues of $1.16 million and EPS of -52 cents.

HEXO Corp. continues an 8 day downtrend; falls 12.82% yesterday

After setting a 98 cents – $1.04 range, HEXO Corp. closed the day 12.82% lower at $1.02. Early in yesterday's session, HEXO Corp. dropped to 98 cents from $1.17 at the end of Thursday, before closing at $1.02. During the session, it lost 12.82%.
Daily trading volume (493,411 shares) was above the current multiday average of 297,801.