US Top Gap Ups and Downs on 5/4: FHN, WAL, SHOP, RACE and More

Mooers Radar wrote a column · May 5, 2023 06:59

Here are the top gap ups and downs for the stocks with a market cap above $5 billion after the previous market closed (gaps range from large to small):

Gap Ups

1. $Shopify (SHOP.US)$ - up 12.4%

2. $Ball Corp (BALL.US)$ - up 5.6%

3. $SolarEdge Technologies (SEDG.US)$ - up 4.2%

4. $Datadog (DDOG.US)$ - up 4.1%

5. $Fleetcor Technologies (FLT.US)$ - up 3.5%

6. $Cognizant (CTSH.US)$ - up 3.3%

7. $AngloGold Ashanti (AU.US)$ - up 3.0%

8. $Lantheus (LNTH.US)$ - up 2.9%

9. $Vulcan Materials (VMC.US)$ - up 2.7%

10. $Ferrari (RACE.US)$ - up 2.6%

Gap Downs

1. $First Horizon National (FHN.US)$ - down 30.5%

2. $Paramount Global-B (PARA.US)$ - down 16.6%

3. $Paramount Global-A (PARAA.US)$ - down 15.4%

4. $Synaptics (SYNA.US)$ - down 14.4%

5. $Option Care Health (OPCH.US)$ - down13.5%

6. $Western Alliance Bancorp (WAL.US)$ - down 9.2%

7. $Planet Fitness (PLNT.US)$ - down 9.1%

8. $WESCO International (WCC.US)$ - down 5.4%

9. $Penn Entertainment (PENN.US)$ - down 5.3%

10. $Qualcomm (QCOM.US)$ - down 4.9%

What are gaps?

Price charts sometimes have blank spaces known as gaps (up gaps and down gaps), where the price of a stock moves sharply up or down, with little or no shares traded in between. This is why the asset's chart shows a gap in the normal price pattern. Normally this occurs between the close of the market on one day and the next day's open.

For an up gap, the low price of the day must be higher than the high price of the previous day. A down gap is just the opposite of an up gap.

Gaps can show evidence that something important has happened to the fundamental or the psychology of traders that accompanies this market movement.

For example, if an unexpectedly high earnings report comes out after the market has closed for the day, a lot of buying interest will be generated overnight, leading to an imbalance between supply and demand. When the market opens the next morning, the stock price rises in response to the increased demand from buyers. If the stock price remains above the previous day's high throughout the day, then an up gap is formed.

Disclaimer: Investing involves risk and the potential to lose principal. Past performance does not guarantee future results. This is for information and illustrative purposes only. It should not be relied on as advice or recommendation.

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

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