Deutsche Bank, Wells Fargo Tumble into 52-Week Low Clubs
September 29, 2016: Here are four stocks trading with relatively heavy volume among 42 equities making new 52-week lows in Thursday’s session. NYSE decliners led advancers by 3 to 1 and Nasdaq decliners led advancers by about 7 to 3.
Deutsche Bank AG (NYSE: DB) dropped 9% on Thursday to post a new 52-week low of $11.19 after closing at $12.30 on Wednesday. The stock’s 52-week high is $30.82. Volume was more than 8 times the daily average of around 5.9 million shares. The German government is showing now signs of softening its position that the big bank won’t get any government assistance.
Wells Fargo & Co. (NYSE: WFC) lost about 2.4% again Thursday to post a new 52-week low of $44.21 after closing Wednesday at $45.31. The 52-week high is $56.34. Volume of around 39 million was almost double the daily average of around 22 million shares traded. The less said about Wells Fargo and its shaky management, the better we’ll all feel.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 5.3% on Thursday to post a new 52-week low of $46.08 against a 52-week high of $66.55. Volume of nearly about 17.6 million was around 3 times the daily average of 5.8 million shares traded. The stock closed at $48.68 on Wednesday night. The drug maker had no specific news Thursday.
Intra-Cellular Therapies Inc. (NASDAQ: ITCI) also dropped nearly 65% on Thursday to post a new 52-week low of $14.88 against a 52-week high of $59.96. Volume of nearly 15 million was almost 40 times the daily average of around 408,000. The stock closed at $42.35 on Wednesday night. The company’s late-stage schizophrenia failed to meet the primary endpoints of a Phase III clinical trial.