Canopy Growth Corporation, Sundial Growers Inc., Tilray, Inc. and others have been dropping. Here is what you should know.
Markets completed a mixed session yesterday while Nasdaq closed at 10,426, a 1.1% change. S&P 500 was down 0.65% before closing the session at 3,589.
Current market events are being influenced by ambiguous macro data as United States Producer Price Index improved upon its previous reading of -0.2% with a new data release of 0.4%.
What is a downtrend?
A trend is the overall direction of a market or an asset's trading price over a certain period. A downtrend is when the price is generally pointing downwards; there can be certain periods of time when the price increases, yet the trend remains in a downward direction.
Continuing a 4 day nosedive: Yesterday's slide leaves Canopy Growth traders hoping for a bounce
Having fallen $1.34 in 4 days, yesterday's session continued the recent downtrend: despite the risk-off mood, Canopy Growth was range-bound between $2.33 to $2.58 and settled at $2.38. Daily trading volume (14 million shares) increased, making up 120% of the 21-day average (11.73 million).
A 4 day downtrend, falling 28.67%: Bearish Sundial Growers declines 9 cents (4.78%)
Sundial Growers's bearish run has lasted 4 days so far (-70 cents). more of the same from yesterday's session: an influx of sellers pushed Sundial Growers to end the session lower around $2, while establishing a $1.96 to $2.1 session range yesterday. Daily trading volume (4.72 million shares) was slightly above the current multiday average of 4 million.
Continuing a 4 day nosedive: Bearish Tilray declines 17 cents (5.54%)
Tilray has lost 25.64% over the last 4 days. yesterday's session continued down the same path: yesterday's trading volume was 23.88 million shares which is slightly under the 21-day average of 24.27 million.
The company reported earnings of -0.13 per share Friday, falling short of expectations of -0.07. Revenue was also lower than expected at $153.21 million versus $157 million. Since the release of its earnings report, Tilray lost 25.64%