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

Published: May 27 2023, 09:30 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.

Leading equity indices in the US rose as Nasdaq gained 2.19% and closed at 12,976. S&P 500 ended the session at 4,205.45 after a 1.3% gain.

On the other hand, 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 | continues a 16 day decline; decreases 1.62% yesterday

Yesterday's session continued down the same path: an influx of sellers pushed the horse track and gambling operator to session lows around $137.46 while establishing a $137.46 to $141.15 session range yesterday. After setting a $137.46 – $141.15 range, Churchill Downs Incorporated closed the day 1.62% lower at $137.57. Daily trading volume (355,668 shares) increased, making up 149% of the 21-day average (239,449).

The company is currently trading with a market cap of $10.30 billion with an average daily volume of 239,449 shares. The horse track and gambling operator is now trading 53.1% below the significant high of $298.16 it set around 26 days ago. Churchill Downs Incorporated expected revenue of $797.81 million with an EPS of $1.77.

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. 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 spaceflight pioneer's market cap currently stands at $955.14 million with an average daily volume of 10.66 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. 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) increased, making up 166% of the 21-day average (297,801).