Bristol-Myers, Abercrombie & Fitch Slide into Wednesday's 52-Week Low Club
September 28, 2016: Here are four stocks trading with relatively heavy volume among 33 equities making new 52-week lows in Wednesday’s session. NYSE advancers led decliners by nearly 7 to 3 and Nasdaq advancers led decliners by about 3 to 2.
Bristol-Myers Squibb Co. (NYSE: BMY) dropped nearly 1.5% on Wednesday to post a new 52-week low of $54.93 after closing at $55.74 on Tuesday. The stock’s 52-week high is $77.12. Volume was about equal to the daily average of around 11 million shares. The drug maker is beginning a new round of tests for its Opdivo cancer treatment.
The Kroger Co. (NYSE: KR) lost about 0.7% again Wednesday to post a new 52-week low of $29.68 after closing Tuesday at $29.90. The 52-week high is $42.75. Volume of around 9 million was about less than 10% below the daily average of around 9.7 million shares traded. The supermarket chain had no specific news, but shares continue to slip since the company chopped its guidance in early September.
Ferrellgas Partners LP (NYSE: FGP) dropped about 24.5% on Wednesday to post a new 52-week low of $12.45 against a 52-week high of $21.22. Volume of nearly 6 million was more than 20 times the daily average of 251,000 traded. The stock closed at $16.50 on Tuesday night. The propane supplier posted a massive quarterly and annual net loss this morning and said it was considering a cut in its distribution to common unitholders.
Abercrombie & Fitch Co. (NYSE: ANF) also dropped about 3.1% on Wednesday to post a new 52-week low of $15.73 against a 52-week high of $32.83. Volume of around 2.3 million was within 10% of the daily average. The stock closed at $16.24 on Tuesday night. BofA/Merrill Lynch transferred in coverage and reinitiated the stock as Underperform. The price objective on the stock fell from $16 to $14.