Micron Technology Inc. (NASDAQ: MU) dropped about 3.8% on Tuesday to post a new 52-week low of $24.94 after closing at $25.92 on Monday. The stock’s 52-week high is $36.59. Share volume topped 30 million, more than 30% above the daily average of around 22 million shares traded. The company’s stock was downgraded from Hold to Sell at Drexel Hamilton this morning. The analysts also set a price target of $20 on the stock, down about 26% from its earlier trading level.
Hovnanian Enterprises Inc. (NYSE: HOV) posted a new 52-week low on Tuesday. Shares dropped about 14.5% to $2.71 from Monday’s closing price of $3.17. The stock’s 52-week high is $5.31. Volume totaled about 11 million shares, more than 5-times the daily average of around 2 million shares. The homebuilder reported a second-quarter loss this morning and said it expects to post a loss for the full fiscal year.
Alcoa Inc. (NYSE: AA) dropped about 0.8% on Tuesday to post a new 52-week low of $12.15 after closing at $12.25 on Monday. The stock’s 52-week high is $17.75. Share volume totaled about 11 million shares, less than half the daily average of nearly 25 million. The company had no specific news today.
Xerox Corp. (NYSE: XRX) dropped about 1% on Tuesday to post a new 52-week low of $10.93 against a 52-week high of $14.36. The stock closed at $11.05 on Monday night. Volume totaled over 6 million shares, about a third below the daily average of around 9.6 million shares. The company had no specific news today.