Gilead, Mylan Return to Friday's 52-Week Low Club
October 7, 2016: Here are four stocks trading with relatively heavy volume among 49 equities making new 52-week lows in Friday’s session. On the NYSE, decliners led advancers by more than 2 to 1 and on the Nasdaq decliners led advancers by nearly the same margin.
Gilead Sciences Inc. (NASDAQ: GILD) dropped about 1.7% on Friday to post a new 52-week low of $74.93 against a 52-week high of $111.11. Volume of about 8 million was more than 20% below the daily average of around 10.5 million. The stock closed at $76.21 on Thursday night. The company had no news Friday, but was named on Thursday as one of several being required to issue a black-box warning in labeling for new hepatitis C drugs.
Cousins Properties Inc. (NYSE: CUZ) lost about 28% Friday to post a new 52-week low of $7.19 after closing Thursday at $9.99. The 52-week high is $11.40. Volume of around 8 million was about 35% above the daily average of around 3 million shares traded. The company spun off all its shares of a new independent REIT in a special dividend equal to 1 share of stock in the new REIT for every eight shares of Cousins common stock held at Thursday’s close.
Mylan NV (NASDAQ: MYL) dropped about 3.4% on Friday to post a new 52-week low of $35.58 after closing at $36.84 on Thursday. The stock’s 52-week high is $55.51. Volume was about 20% higher than the daily average of around 6 million shares. The company had no specific news Friday, but was in a Senate hearing Thursday with bilking Medicare for more than $100 million.
PPL Corp. (NYSE: PPL) lost about 1.3% Friday to post a new 52-week low of $32.08 after closing Thursday at $32.50. The 52-week high is $39.92. Volume of around 5.4 million was15% above the daily average of around 4.6 million shares traded. The utility company had no specific news.