The 52-Week Low Club for Wednesday
AK Steel Holding Corp. (NYSE: AKS) dropped about 11.8% on Wednesday to post a new 52-week low of $3.75. The stock’s 52-week high is $11.37. Volume was about double the daily average of 12 million shares. The company reported worse-than-expected earnings yesterday and today’s action may have been some buying on the dip.
Cabot Oil & GAs Corp. (NYSE: COG) dropped about 8.6% on Wednesday to establish a new 52-week low at $26.01 against a high of $41.78. Volume was more than double the daily average of around 6.5 million shares. The oil & gas producer was clipped early on lower crude oil prices.
Freeport-McMoRan Inc. (NYSE: FCX) dropped 4.7% on Wednesday to post a new 52-week low of $17.51 after closing at $18.38 on Tuesday. The stock’s 52-week high is $39.32. Share volume was nearly 20% above the daily average of around 17 million shares traded. The copper and gold miner took a couple of downgrades today following a poor quarterly report nearly entirely due to low commodity prices.
VMware Inc. (NYSE: VMW) posted a new 52-week low on Wednesday of $75.05. Based on Tuesday night’s closing price of $80.61 that’s a drop of about 7%. The stock’s 52-week high is $112.89. Volume is nearly 5-times the daily average of around 1.6 million shares. The company reported better-than-expected earnings this morning, but the revenue outlooks for the first quarter and full year ahead were lower than analysts’ estimates.