The 52-Week Low Club for Friday
June 10, 2016 by Paul AusickJune 10, 2016: Here are four stocks trading with relatively heavy volume among 44 equities making new 52-week lows in Friday’s session. NYSE decliners led advancers by nearly 4 to 1 while Nasdaq decliners led advancers by more than 3 to 1.
Verifone Systems Inc. (NYSE: PAY) dropped by about 6.8% on Friday to post a new 52-week low at $19.56 after closing at $20.98 on Thursday. The stock’s 52-week high is $37.05. Daily volume totaled around 7.5 million shares, more than 3 times the average of around 2.1 million shares. The payment processor reported a quarterly miss on Tuesday and cut its outlook for the year. Investors continue to sell the stock..
Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) dropped about 3.3% on Friday to post a new 52-week low of $7.37 against a 52-week high of $11.37. The ADRs closed at $7.62 on Thursday night. Volume was about 25% below the daily average of around 4.2 million. The company had no specific news Friday.
Restoration Hardware Holdings Inc. (NYSE: RH) fell by about 6.7% on Friday to post a new 52-week low of $26.50 against a high of $106.49. The stock closed at $28.41 on Thursday night. Volume 7.3 million shares, about 3 times the stock’s daily average of around 2.6 million. The company posted dreadful quarterly results on Wednesday and cut its outlook. The bleeding has not stopped yet.
Credit Suisse Group AG (NYSE: CS) posted a new 52-week low on Friday. Shares traded at a low of $12.38, down about 4.8%, after closing at $13.00 on Thursday. The stock’s 52-week high is $39.99. Volume was more about 30% above the daily average of around 3.3 million shares. Financial stocks, especially the big banks, have been hit recently with worries about capital requirements, although Credit Suisse had now specific news Friday.
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