Frontier Communications, Noble Energy Plunge into Wednesday’s 52-Week Low Club

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May 3, 2017: Here are four stocks trading with relatively heavy volume among 126 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq decliners led advancers by about 9 to 5.

Frontier Communications Corp. (NASDAQ: FTR) dropped about 16% Wednesday to post a new 52-week low of $1.62 after closing at $193 on Tuesday. The stock’s 52-week high is $5353. Volume of more than 93 million was more than double the daily average of around 45 million shares traded. The company slashed its dividend when it reported quarterly earnings last night, and analysts generally lowered price targets although some still like the stock.

DryShips Inc. (NASDAQ: DRYS) dropped nearly 39% Wednesday to post a new post-split low of $0.65 after closing at $4.00 Tuesday night. Volume was about 30% below the daily average of around 28 million shares. The company had no specific news.

Spirit Realty Capital Inc. (NYSE: SRC) posted a new 52-week low of $8.79 on Wednesday, down about 5% compared with Tuesday’s closing price of $9.25. The stock’s 52-week high is $13.97. Volume totaled around 18 million shares, nearly 3 times the daily average of 6.5 million. The company had no specific news.

Noble Energy Inc. (NYSE: NBL) dropped about 6.5% Wednesday to post a new 52-week  low of $29.39 after closing Tuesday at $31.42. The 52-week high is $42.03. Volume of around 15 million shares was more than 3 times the daily average of around 4.5 million. The company on Tuesday announced the sale of some assets in the Marcellus shale play for $1.2 billion, mostly in cash, a day after reporting better-than-expected first-quarter results.