The 52-Week Low Club for Thursday
April 28, 2016: Here are four stocks trading with relatively heavy volume among 18 equities making new 52-week lows in Thursday’s session. NYSE decliners led advancers by about 2 to 1 while Nasdaq decliners led by advancers slightly less than the NYSE margin.
Infinera Corp. (NASDAQ: INFN) dropped about 24% on Thursday to post a new 52-week low at $11.80 after closing at $15.57 on Wednesday. The stock’s 52-week high is $25.24. Share volume of was about 8 times the daily average of around 2.3 million shares traded. The maker of optical transport networking equipment (fiber optic cable) missed estimates on Wednesday and guided lower than expected for the second quarter. Downgrades followed.
United Therapeutics Corp. (NASDAQ: UTHR) posted a new 52-week low on Thursday. Shares traded at a low of $102.57, down nearly 13%, after closing at $117.68 on Wednesday. The stock’s 52-week high is $190.13. Volume totaled nearly 3 times the daily average of around 790,000 shares. The drug maker missed estimates for both earnings and revenues this morning.
CARBO Ceramics Inc. (NYSE: CRR) dropped about 21% on Thursday to post a new 52-week low of $12.53 against a 52-week high of $47.04. The stock closed at $15.95 on Wednesday night. Volume was nearly triple the stock’s daily average volume of around 660,000 shares. The oil & gas services company posted a big loss and may have to seek fresh capital.
Perrigo Company plc (NYSE: PRGO) fell by about 1.7% on Thursday to post a new 52-week low of $95.60 against a high of $200.96. The stock closed at $97.24 on Wednesday night. Volume totaled about 2 million shares, around 20% below the daily average of 2.5 million. The company had no specific news Thursday, Bloomberg reported that former CEO Joseph Papa who left to take over at Valeant stands to earn nearly $65 million this year. Most of that depends on the company’s share price performance the majority of Papa’s deal is made up of shares and options.