- Canopy Growth was the biggest decliner after giving up 17.15% yesterday As things stand, C3.ai (down 14.13%) and Baxter (down 12.13%) are underperforming today
- European markets have struggled to gain ground and are now trading lower midway through the session.
A refresher of where yesterday ended before today starts: leading equity indices in the US declined as after dropping 0.88%, S&P 500 closed at 4,081.5. Dow Jones shed 0.73% and closed at 33,700.
US markets are now currently closed and set to reopen today; meanwhile, European markets are dropping as DAX is down by 1.47%, reaching 15,300 Asia-Pacific markets ended a mixed session today whilst ASX 200 is down by 0.76%, reaching 7,433.7
Deere & Company & PPL Corp due to release their earnings reports within the following week.
Market's down-tick coincides with some negative macro data published earlier as highly important Initial Jobless Claims data from United States beat analyst expectations of 190,000 with a reading of 196,000. United States Crude Oil Inventories fell short of the 2.46 million projections, with new data of 2.42 million.
Meanwhile, United States 10-Year Note Auction released Wednesday with a figure of 3.613, while the previous figure was 3.575.
Yesterday's bearishness meant that Canopy Growth lost 17.15% yesterday before closing at $2.27. As things stand, C3.ai (down 14.13%), Baxter (down 12.13%) are also underperforming today.
Baxter | -12.13% at $40.14
Having fallen $1.33 in 6 days, Yesterday's session continued the recent downtrend: after ending Wednesday at $45.68, Baxter declined to $38.58 yesterday before closing at $40.14, thereby losing 12.13% in total. Daily trading volume (21.47 million shares) was higher than the current multiday average of 7.28 million. Baxter disclosed a quarterly dividend of 29 cents per share on Tuesday, November 15th that was paid on Tuesday, January 3rd to all shareholders of record up until Friday, December 2nd. Based on current prices, the company's decision thereby provides Baxter investors with an annual dividend yield of 2.89%.
Baxter was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 1.04 per share on revenue of $3.89 billion, topping estimates of 0.94 per share on revenue of $3.77 billion.
Yesterday's 17.15% loss extends a 6 day bearish run in which Canopy Growth had already lost 40 cents from its share value. Daily trading volume (16.56 million shares) increased, making up 161% of the 21-day average (10.26 million).
The company reported earnings of -0.22 per share yesterday, falling short of expectations of -0.13. Revenue was also lower than expected at $113,349 versus $84.18 million. Canopy Growth lost 1.52% since the release of its earnings report.