Investing

British Banks Top Friday's 52-Week Low Club

June 24, 2016: Here are four stocks trading with heavy volume among 119 equities making new 52-week lows in Friday’s session. NYSE decliners led advancers by more than 4 to 1 and Nasdaq decliners led advancers by a similar margin.

Barclays PLC (NYSE: BCS) fell by more than 27% on Friday to post a new 52-week low of $8.13 against a high of $18.05. The stock closed at $11.18 on Thursday night. Volume reached around 68 million shares,about 16 times the stock’s daily average of around 4.3 million. The big bank to the biggest hit among London-based banks on a day when being a bank anywhere was not a good thing in investors’ eyes.

Lloyds Banking Group plc (NYSE: LYG) dropped about 27% on Friday to post a new 52-week low of $3.17 against a 52-week high of $5.55. Volume reached about 12 times the daily average of around 3.6 million. The stock closed at $4.34 on Thursday night. Another British bank that got clobbered on the Brexit outcome.

Nokia Corp. (NYSE: NOK) dropped about 11.6% on Friday to post a new 52-week low of $5.04 against a 52-week high of $7.63. Volume was about 2.5-times the daily average of around 13.7 million. The stock closed at $5.70 on Thursday night. The Finnish network equipment maker had no specific news Friday.

Valeant Pharmaceuticals International Inc. (NYSE: VRX) posted another new 52-week low on Friday. Shares traded at a low of $20.26, down about 4.4%, after closing at $22.25 on Thursday. The stock’s 52-week high is $263.81. Volume was about a third below  the daily average of around 33 million shares. The company’s rating was cut from Overweight to Neutral at J.P. Morgan this morning. The beleaguered pharmaceuticals maker also had no specific news on Friday.

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