February 17, 2016: Here are four stocks trading with heavy volume among 42 equities making new 52-week lows today.
Devon Energy Corp. (NYSE: DVN) dropped about 13.5% on Wednesday to post a new 52-week low at $18.38 after closing at $21.26 on Tuesday. The stock’s 52-week high is $70.48. Share volume totaled more than 3 times the daily average of around 8.6 million shares traded. The energy exploration and production company cut its dividend and capital spending by 75% today. Investors like one and not the other.
Rackspace Hosting Inc. (NYSE: RAX) posted a new 52-week low on Wednesday. Shares traded at a low of $15.05, down more than 17%, after closing at $18.17 on Tuesday. The stock’s 52-week high is $56.20. Volume totaled about 6 times the daily average of around 2.3 million shares. The cloud-based server company posted lower than expected profits last night and offered a weak outlook for the current quarter.
Cerner Corp. (NASDAQ: CERN) fell by about 10% on Wednesday to post a new 52-week low of $49.89 against a high of $75.72. The stock closed at $55.46 on Tuesday night. Volume rose to about 7 million, roughly 7 times the daily average of about 2.1 million shares traded. The healthcare technology company reported good earnings last night, but investors are running from poor guidance.
Laredo Petroleum Inc. (NYSE: LPI) dropped more than 15.5% on Wednesday to post a new 52-week low of $4.04 against a 52-week high of $16.18. The stock closed at $4.79 on Tuesday night. Volume was more than double the stock’s daily average volume of around 3.4 million. The oil & gas producer posted a new low after posting a fourth-quarter loss, but shares turned around to end the day up about 7.6% on rising crude prices.