January 22, 2016: Here are four stocks trading with heavy volume among 48 equities making new 52-week lows today.
American Express Co. (NYSE: AXP) dropped about 14% on Friday to post a new 52-week low of $54.14 against a 52-week high of $86.18. The stock closed at $63.03 on Thursday night. Volume topped 36 million shares, more than 5 times the stock’s daily average volume of around 6.6 million. The credit card company posted middling results Thursday night and investors were not pleased with the outlook.
Citizens Financial Group Inc. (NYSE: CFG) fell about 8.6% on Friday to post a new 52-week low of $19.75 against a high of $28.71. The stock closed at $21.60 on Thursday night. Volume rose to around 18 million, more than double the daily average of around 7.6 million shares traded. The U.S. banking unit of the Royal Bank of Scotland reported earnings this morning that were slightly better than expected by analysts, but not, apparently, good enough for investors.
Fifth Third Bancorp (NASDAQ: FITB) dropped about 5.2% on Friday to post a new 52-week low at $15.67 after closing at $16.53 on Thursday. The stock’s 52-week high is $21.93. Share volume totaled nearly 16 million shares compared with the daily average of around 9 million shares traded. The bank took price target cut from $24 to $20 per share from Oppenheimer this morning, but the brokerage maintained its Outperform rating on the stock.
MGIC Investment Corp. (NYSE: MTG) posted a new low on Friday. Shares dropped more than 14% to a low of $6.26 from Thursday’s closing price of $7.30. The stock’s 52-week high is $11.72. Volume of nearly 10 million was about 50% above the daily average of around 5 million shares. The mortgage insurer reported good results Friday morning, but also announced a pricing change that is expected to keep away higher-risk borrowers while attracting those who present less risk.