May 11, 2016: Here are four stocks trading with relatively heavy volume among 54 equities making new 52-week lows in Wednesday’s session. NYSE decliners led advancers by less than 2 to 1 while Nasdaq decliners led advancers by more than 2 to 1.
Office Depot Inc. (NASDAQ: ODP) dropped by about 41% on Wednesday to post a new 52-week low at $3.61 after closing at $6.09 on Tuesday. The stock’s 52-week high is $9.39. Daily volume rose to around 12 times the average of about 10 million shares. The company’s proposed merger with Staples was abandoned following a court-ordered preliminary injunction.
Macy’s Inc. (NYSE: M) dropped about 14.7% on Wednesday to post a new 52-week low of $31.54 against a 52-week high of $73.61. The stock closed at $33.86 on Tuesday night. Volume was about 8 times the stock’s daily average volume of around 4 million shares. The retail giant reported weak sales and lowered its full-year guidance this morning.
Nokia Corp. (NYSE: NOK) fell by about 1.1% on Wednesday to post a new 52-week low of $5.25 against a high of $7.63. The stock closed at $5.31 on Tuesday night. Volume was about 50% higher than the stock’s daily average of around 12.8 million. The company had no specific news today but is continuing to feel the effects of a poor quarterly report released Tuesday morning.
Fossil Group Inc. (NASDAQ: FOSL) posted a new 52-week low on Wednesday. Shares traded at a low of $26.51, down nearly 34%, after closing at $40.10 on Tuesday. The stock’s 52-week high is $79.37. Volume was about 15 times the daily average of around 1.3 million shares. The watchmaker followed in Macy’s footsteps, posting weak first-quarter results and lowering guidance.
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