Peloton's Plunge

New 52-Week Lows led New Highs — 107 vs. 9.

April 16, 2024

Good evening. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

Stocks stumbled.

The S&P 500, Russell 2000 and Nasdaq Composite closed lower. The Dow inched higher.

Tech, healthcare and consumer staples finished slightly positive. Real estate and utilities tumbled more than -1%.

New 52-Week Lows led New Highs — 107 vs. 9.

The Worst of the Worst

Peloton Interactive ($PTON) is the worst of the worst. The at-home fitness company collapsed -5.78% and closed at an all-time low.

Here’s the disastrous daily chart.

And weak weekly chart.

$PTON has 49,110 followers on Stocktwits.

Riot Platforms ($RIOT) is a notable new low. The bitcoin mining company cratered -5.95% and closed at its lowest price since March 28, 2023.

Here’s the daily chart.

And weak weekly chart.

$RIOT has 120,436 followers on Stocktwits.

Array Technologies ($ARRY) is a notable new low. The solar semiconductor manufacturer moved -6.10% and closed at its lowest price since July 18, 2022.

Here’s the daily chart.

And the weekly chart.

$ARRY has 13,061 followers on Stocktwits.

The Best of the Best

Intra-Cellular Therapies ($ITCI) is the best of the best. The biopharmaceutical company carried +23.29% following its positive Phase 3 trial for its adjunctive therapy in patients with major depressive disorder.

Here’s the daily chart.