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Align closed at $226.68 (down 2.39%) and added one more to its 5th straight day of losses

Yesterday at a glance: Align went down to $226.68, after ending Tuesday at $232.22. Overall, a 2.39% move or $5.54 yesterday.

  • Daily trading volume (795,350 shares) was slightly greater than the current multiday average of 741,444.
  • Continuing its an 8 day bearish run (-$35.57), Align showed losses yesterday.

With around 9 hours until market open on the NASDAQ, yesterday's session saw to it that S&P 500 dropped by 1.71% to close at 3,790. Nasdaq dropped by 1.79% to close at 11,220. Align closed lower yesterday, with similar drops noticed throughout the Healthcare sector (down 2.68%).

Align hit a significant low of $226.68 around a day ago, but has since recovered 2.44%. So far in 2022, it has been doing worse than the Nasdaq by 24.1%. Align's market cap currently stands at $17.71 billion with an average daily volume of 741,444 shares. Align's last revenue report was $969.55 million with an EPS of $2.

Fundamental analysis puts Align Technology at a rating of 'Buy'.

When analyzing Align Technology's indicators the one that pops out as most significant is the company's Price-To-Earnings ratio (PE), having a solid 30.55. The current PE has improved from 67.89 to 30.55; however, it is still not as good as the sector average. The Price-To-Earnings ratio is the ratio of a company's share price to its earnings per share. This helps investors and analysts find out whether a company is over or undervalued. The free cash flow is doing worse than the competition— it has decreased from 561.21 million reported last quarter to the current 51 million. Price to sales ratio has improved from 4.48 to 4.44, but is doing worse than the industry.

Fundamental analysis shows that Align Technology is doing worse than its previous filings, and its overall fundamentals are slightly under the industry average.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Align Technology's lower Bollinger band is at $224.7, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that Align could begin to recover as it approaches significant support, now $5.09 away from $221.59. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates Align will remain range-bound for the immediate future.

Align was not the only decliner in the health care sector; Novartis closed at $77.54 (down 2.56%). Medtronic went down 3.09%, closed at $88.46. Pfizer went down to $43.92, losing 1.9% after it closed at $44.77 yesterday.

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Stocks

Is the bullish run coming to an end? Materials Select Sector SPDR Fund closed at $72 (-1.13%)

A tough session dominated by bearish sentiment left XLB 80 cents lower, while setting a $71.17 to $72.57 session range.

  • Yesterday's down move comes on the back of a 4 day uptrend, during which Materials Select Sector SPDR Fund added $4.79 to its value.

Despite being in the red so far in the current trading session, Materials Select Sector SPDR Fund peaked above its 21 day Simple Moving Average around $72.39 — typically an early indicator of a new bullish trend beginning to emerge. Materials Select Sector SPDR Fund could begin to recover as it approaches significant support, now 74 cents away from $71.24. Dipping below could be an indication that further losses are ahead.

Despite suffering losses in today's session, technical analysis is indicating that Materials Select Sector SPDR Fund will undergo a significant bounce in the immediate term.

In the meantime, negative performances are also seen in other markets, iShares MBS ETF plunges 1% yesterday and closed at $92.66. After ending yesterday's session at $48.22, Vanguard Total International Bond Index Fund ETF Shares lost 34 cents and is trading around $47.88.

At the same time, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% yesterday and closed at $25.36.

Having set a significant high of $90.61 10 days ago, Materials Select Sector SPDR Fund is trading 8.14% lower.

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Stocks

SBA Communications jumped $3.63 from a 1 year low and ended session at $283.12

SBA Communications dropped to $279.49, its lowest point in 1 year. It later recovered $3.63 and closed at $283.12. Daily trading volume (668,749 shares) increased, making up 130% of the 21-day average (515,552).

With around 9 hours until market open on the NASDAQ, yesterday's session saw to it that S&P 500 closed at 3,783.28 after losing 0.2%. SBA Communications closed lower yesterday, with similar drops noticed throughout the Real Estate sector (down 1.67%).

SBA Communications Corp made an initial break below its 5 day Simple Moving Average at $288.16, a possible indication of a forthcoming negative trend. SBA Communications is currently flirting with an active Fibonacci support level around $284.21. On the other hand, note that SBA Communications could begin to recover as it approaches significant support, now $4.67 away from $278.45. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting SBA Communications to extend its recent losses.

Fundamental analysis indicates that SBA Communications​ is holding on to its 'Neutral' rating.

SBA Communications's most notable indicator is the company's price to book ratio (PB). It is standing at -5.61, a decrease from its previous value of -6.26, yet is still above its trailing twelve-month average and is surpassing the competition. The PB Ratio is a fundamental analysis indicator that compares the book value of a stock to its market value. By showing the difference between the stock’s market value and the value the company has stated in its financial books, P/B helps investors determine whether the stock is undervalued or overvalued (relative to its book value). Debt-to-equity ratio fell from its previous value of -2.79 to -2.55, yet it is above the competition average. Dividend yield ratio with a value of 0.74%, appears to be the most notable. This is above industry standard and shows an improvement over the preceding value of 0.76%. Free cash flow is also worth noting with a value of 319.15 million, which is above industry standard and shows an improvement over the preceding value of 214.58 million.

When comparing to recent reports, some of SBA Communications's indicators look better than others, and the stock's fundamentals remain slightly greater than the competition.

SBA Communications hit a significant low of $282.27 around 7 days ago, but has since recovered 3.95%. So far in 2022 it has been beating the S&P 500 by 1.93%. The company has a market cap of $30.54 billion with an average daily volume of 515,552 shares. SBA Communications's last revenue report was $652 million with an EPS of 64 cents.

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Stocks

Following a flat day today, Nuance Communications closed at $56 continuing its recent flat trend

A quiet day for Nuance Communications as it remained range-bound within a $55.98 – $56 range before closing at $56.

  • Nuance Communications has been pretty quiet for the last a month, trading mostly flat and moving by only 1.16 cents on average.

With around 17 hours until market open on the NASDAQ, today's session saw to it that Nasdaq shed 0.25% and closed at 11,149. While Nuance Communications was flat, the Technology sector as a whole fell 0.125%.

When analyzing Nuance Communications's indicators, the one that stands out as most significant is the company's Return on equity (ROE) with a -7%. Note that it is now below its trailing twelve-month average of -4% and below the competition average. ROE is a measure of financial performance calculated by dividing net income by shareholders' equity. This ratio gives investors an idea of how well the company handles its shareholder's money. The price to sales ratio is doing worse than the competition— it has decreased from 12.94 reported last quarter to the current 13.36. The price to book ratio is not quite as good as the industry — it has dropped from 10.05 reported last quarter to the current 11.28.

The current state of fundamentals and indicators shows that Nuance Communications's overall fundamentals are slightly below competition.

Nuance Communications, Inc.'s upper Bollinger band is at $56, suggesting that a downward move may follow. Despite this, Nuance Communications is approaching key support, around 1 cents away from $56. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Nuance Communications is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other technology stocks as TSM was up 2.27%. Qualcomm was up 2.06%. Oracle was up 1.48%.

Nuance Communications hit a significant low of $54.68 around 9 months ago, but has since recovered 2.4%. So far in 2022, it has been outperforming the Nasdaq by 42.87%. Nuance Communications has a market cap of $17.88 billion with an average daily volume of 15.93 million shares. Nuance Communications's last revenue report was $321.44 million with an EPS of 8 cents.

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