January 28, 2016: Here are four stocks trading with heavy volume among 222 equities making new 52-week lows today.
Juniper Networks Inc. (NYSE: JNPR) dropped more than 17% on Thursday to post a new 52-week low of $21.95 against a 52-week high of $32.39. The stock closed at $26.54 on Wednesday night. Volume topped 23 million shares, about 4 times the stock’s daily average volume of around 5.7 million. The network equipment maker lowered its guidance yesterday and the CFO resigned. Not a good combination.
Qualcomm Inc. (NASDAQ: QCOM) fell by about 8.5% on Thursday to post a new 52-week low of $43.50 against a high of $74.09. The stock closed at $47.53 on Wednesday night. Volume rose to around 22 million, more than 50% higher than the daily average of around 15 million shares traded. Weak guidance for the current quarter could not offset a solid beat for the chipmaker’s first fiscal quarter. Slowing smartphone sales hurt too.
Abbott Laboratories (NYSE: ABT) posted a new 52-week low on Thursday. Shares traded at a low of $36.00, down 11%, after closing at $40.47 on Wednesday. The stock’s 52-week high is $51.74. Volume of nearly 20 million more than tripled the daily average of around 6.3 million shares. The drugmaker’s stock also beat earnings estimates but posted a disappointing outlook as well. Revenues and profits were lower than the same quarter last year, and that seems to be a common thread in many of the earnings reports we’ve seen.
ServiceNow Inc. (NYSE: NOW) dropped more than 23% on Thursday to post a new 52-week low at $57.67 after closing at $75.37 on Wednesday. The stock’s 52-week high is $91.28. Share volume totaled nearly 18 million shares compared with the daily average of around 1.4 million shares traded. The cloud-based enterprise services company reported a calculation error related to its billing total and the stock was severely punished even though the error changed the forecast by just $5 million and, discounting the mistake, the billing forecast fell within the company’s expected range.
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