The 52-Week Low Club for Wednesday
Arrowhead Research Corp. (NASDAQ: ARWR) dropped about 56% Wednesday to a new 52-week low of $5.48 after closing at $12.51 on Tuesday evening. Share volume is about 15-times the daily average of around 3.2 million. The stock’s 52-week high is $27.63. The biopharmaceutical firm got some bad news on its hepatitis B drug.
Caesars Entertainment Corp. (NASDAQ: CZR) dropped about 6.5% today to post a 52-week low of $10.66. The stock’s 52-week high is $26.74. The casino and resort operator received a default notice from a group of creditors last night. Trading volume is about equal to the daily average of around 1.3 million shares traded.
General Motors Co. (NYSE: GM) sank to a new 52-week low on Wednesday of $30.79. Based on Tuesday night’s closing price of $31.77 that’s a drop of about 3.1%. The stock’s 52-week high is $41.85. Trading volume is about double the daily average of around 12.5 million shares. An analyst’s note on Tuesday dumped on GM’s forecast and the fallout continued today.
McDermott International Inc. (NYSE: MDR) posted a drop of about 9.5% today to a new 52-week low of $15.47 against a 52-week high of $9.36. Volume is about double the daily average of around 5 million shares. The company’s stock is no doubt reacting to the large increase in the U.S. crude oil inventory and what that means for companies that serve the industry.