Investing

Wells Fargo, Cognizant in Friday's 52-Week Low Club

September 30, 2016: Here are four stocks trading with relatively heavy volume among 40 equities making new 52-week lows in Friday’s session.

Cognizant Technology Solutions Corp. (NASDAQ: CTSH) dropped more than 17% on Friday to post a new 52-week low of $45.44 after closing at $55.00 on Thursday. The stock’s 52-week high is $69.80. Volume was more than 10 times the daily average of around 4.2 million shares. The company’s president has been replaced as an investigation into possible corruption charges begins.

Wells Fargo & Co. (NYSE: WFC) lost about 0.6% Friday to post a new 52-week low of $44.10 after closing Thursday at $44.37. The 52-week high is $56.34. Volume of around 36 million was about 60% above the daily average of around 22 million shares traded. The company had no specific news, and that should come as a relief to management, employees, and stockholders.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 1.1% on Friday to post a new 52-week low of $45.76 against a 52-week high of $66.55. Volume of nearly 11 million was around double the daily average of 6 million shares traded. The stock closed at $46.29 on Thursday night. The drug maker had no specific news Friday.

CNO Financial Group Inc. (NYSE: CNO) dropped about 8.1% on Friday to post a new 52-week low of $14.29 against a 52-week high of $20.88. Volume of more than 6 million was more than 3 times the daily average of around 1.8 million. The stock closed at $15.55 on Thursday night. The company on Thursday cut its re-insurance agreements with Beechwood Re following disclosure that regulators that many of Beechwood’s assets did not comply with insurance company guidelines.

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