The 52-Week Low Club for Wednesday
January 20, 2016 by Paul AusickJanuary 20, 2016: Here are four stocks trading with heavy volume among 1,516 equities making new 52-week lows today. To make today’s list, at least 58 million shares of a stock had to change hands.
Bank of America Corp. (NYSE: BAC) dropped about 6.8% on Wednesday to post a new 52-week low of $13.27 against a 52-week high of $18.48. The stock closed at $14.24 on Tuesday night. Volume topped 190 million shares, more than double the stock’s daily average volume of around 85 million. The bank reported earnings Tuesday morning that were no better than fair. BofA (and the other big banks) are exposed to the collapse in energy prices by virtue of their outstanding loans to energy producers.
Freeport-McMoRan Inc. (NYSE: FCX) fell about 11% on Wednesday to post a new 52-week low of $3.52 against a high of $23.97. The stock closed at $3.96 on Tuesday night. Volume rose to more than 75 million, about 40% above the daily average of around 44 million shares traded. The government of Indonesia said it would consider allowing Freeport to sell a stake in its local mining unit to the government for $1.7 billion That helped the stock post a gain of about 3% on the day as the closing bell approaches.
Cisco Systems Inc. (NASDAQ: CSCO) dropped about 5.8% on Wednesday to post a new 52-week low at $22.47 after closing at $23.85 on Tuesday. The stock’s 52-week high is $30.31. Share volume totaled more than 67 million shares compared with the daily average of around 28 million shares traded. The networking giant had no specific news today..
Twitter Inc. (NYSE: TWTR) posted a new low on Wednesday. Shares dropped about 7.2% to a low of $15.48 from Tuesday’s closing price of $16.69. The stock’s 52-week high is $53.49. Volume of nearly 63 million was more than 3 times the daily average of around 20 million shares. A News Corp. takeover of, or at least the acquisition of a significant stake in, the company pushed the stock up after it set the new low early this morning. Neither Twitter nor New Corp. has commented on the acquisition whispers.
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