Macy’s, Tegna Drop into Tuesday’s 52-Week Low Club

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June 6, 2017: Here are four stocks trading with heavy volume among 126 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by about 8 to 7 and on the Nasdaq, decliners led advancers by about 3 to 2.

Macy’s Inc. (NYSE: M) dropped about 7.7% Tuesday to post a new 52-week low of $22.03 after closing at $23.86 on Monday. The stock’s 52-week high is $45.41. Volume of about 21 million was nearly double the daily average. The company warned on profit margins and the stock price fell to a six-year low.

Tegna Inc. (NYSE: TGNA) dropped 2.4% Tuesday to post a new 52-week low of $14.20 after closing at $14.55 on Monday. The stock’s 52-week high is $26.65. Volume was about 5 million, about 20% above the daily average of around 3.9 million shares. The company had no specific news, but continues to feel the effects of its spin-off of Cars.com.

Celldex Therapeutics Inc. (NASDAQ: CLDX) dropped more than 13% Tuesday to post a new 52-week  low of $2.37 after closing Monday at $2.73. The 52-week high is $5.02. Volume was nearly 3 times the daily average of about 1.9 million shares. The company reported lukewarm results in its phase 1 cancer drug trials.

DryShips Inc. (NASDAQ: DRYS) posted a new 52-week low of $1.77 on Tuesday, down about 8.8% compared with Monday’s closing price of $1.94. Volume totaled about 5 million shares, about 60% below daily average of about 9 million. The company took delivery of its fourth Panamax-class dry bulk carrier today. Investors are not happy with the company’s massive spending on net ships. And that’s an understatement.