The main stocks that are plunging: PacWest Bancorp, Cloudflare, Inc., Upstart Holdings, Inc.
The leading indices were losing ground — Dow Jones drawing back 1.24% to 33,000. S&P 500 drawing back 0.89% to 4,054.29.
This down-slide takes place while United States macroeconomics indicators data published earlier are pointing downward as well — highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000.
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.
| PacWest Bancorp | 72.11% decline over 6 days
PacWest Bancorp drops 51.87% since opening around $3.59 the multi-billion-dollar banking firm drops by 51.87% ($3.33), its largest single-day drop since Mar 10. The multi-billion-dollar banking firm drops 51.87% in early trade and remains within touching distance of the $3.09 level. Current trading volume stands at 58.38 million; 330% higher than the 21-day average of 17.67 million. Just recently, PacWest Bancorp's board disclosed a quarterly dividend of 25 cents per share and subsequently paid on Tuesday, February 28th for all shareholders of record up until Wednesday, February 15th. The company's decision thereby provides PacWest Bancorp investors with an annualised dividend yield of 32.36% (based on current prices).
Cloudflare continues a 15 day downtrend; decreases 1.86% this session
Cloudflare drops 1.86% since opening around $41.94 after ending yesterday at $41.12, the US content delivery network dropped 78 cents to $41.12 today — reaching its lowest point in 3 months. Slightly weaker but mostly flat: Cloudflare is currently trading at $41.12 as it maintains an active range between $41.12 and $42.84.
| Upstart Holdings | stumbles to $12.09 while on a 17 day downtrend
Upstart Holdings drops 1.02% since opening around $12.19 while bearish sentiment is dominating the market, the cloud-based AI platform is maintaining its poise around $12.09 while ranging between $12 and $12.52 so far today. Upstart Holdings is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is -0.8 and the consensus revenue estimate is $108.96 million.
Upstart Holdings is scheduled to announce earnings results Tuesday. The consensus EPS estimate is -0.8 and the consensus revenue estimate is $108.96 million.