CommScope Holding Company, Inc., PowerFleet, Inc., Baidu Inc and others have been slumping.
Markets did not have a clear cut direction — Dow Jones lost 0.23% and ended the session at 33,900. Nasdaq closed 12,157 after a stable day.
Current market events are being influenced by ambiguous macro data as United States Crude Oil Inventories fell short of the -1 million projections, with new data of -4.58 million.
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.
| CommScope Holding Company, Inc. | 25.75% ($1.56) depreciation over 13 days (12 cents per day average)
After setting a $4.62 – $4.79 range, CommScope Holding Company, Inc. closed the day 1.66% lower at $4.73. Pronounced bearish sentiment in the market pushed the broadband enterprise business into a notable 1.66% slide yesterday, falling 8 cents and ultimately closing at $4.73. Daily trading volume (3.85 million shares) was above the current multiday average of 2.65 million.
| PowerFleet | 20.41% (61 cents) depreciation over 13 days (4.6923 cents per day average)
After setting a $2.69 – $2.8 range, PowerFleet closed the day 3.19% lower at $2.73. Early in yesterday's session, PowerFleet dropped to $2.69 from $2.82 at the end of Tuesday, before closing at $2.73. During the session, it lost 3.19%.
Daily trading volume (55,574 shares) was slightly above the current multiday average of 45,941.
| Baidu | 19.89% ($28.78) depreciation over 16 days ($1.8 per day average)
More of the same from yesterday's session: after ending Tuesday at $131.18, Baidu dropped to $127.61 early in yesterday's session and closed at $128.15. In total, it lost 2.31%. After setting a $127.61 – $129.19 range, Baidu closed the day 2.31% lower at $128.15. Trading volume totalled 1.85 million which equates to around 65% of the stock's 21-day average yesterday.
Baidu's market cap is currently $44.80 billion with an average daily volume of 2.84 million shares. The Chinese technology company is now trading 18.13% below the significant high of $160.22 it set around 2 months ago. So far this year, it has been doing worse than the Nasdaq by 7.15%. Baidu has a forecast of $30.29 billion with an EPS of $1.61.