Ericsson, Nokia Stumble into Thursday’s 52-Week Low Club
October 13, 2016 by Paul AusickOctober 13, 2016: Here are four stocks trading with relatively heavy volume among 80 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by 2 to 1 and on the Nasdaq decliners led advancers by more than 2 to 1.
Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) dropped 3.6% on Thursday to post a new 52-week low of $5.35 against a 52-week high of $10.58. Volume of about 28 million was about 6 times the daily average of around 4.8 million. The stock closed at $5.55 on Wednesday night. The Swedish network gear maker warned on revenues and earnings Wednesday morning.
Nokia Corp. (NYSE: NOK)) lost about 4.1% Thursday to post a new 52-week low of $4.88 after closing Wednesday at $5.09. The 52-week high is $7.63. Volume of around 21 million was about double the daily average of around 11 million shares traded. The stock was cut from Goldman’s Conviction Buy list this morning.
Bristol-Myers Squibb Inc. (NYSE: BMY) lost nearly 1.8% Thursday to post a new 52-week low of $49.12 after closing Wednesday at $50.01. The 52-week high is $77.12. Volume of around 12 million was about 10% below the daily average of about 13.5 million shares traded. Another stock removed from Goldman’s Conviction Buy list.
Gilead Sciences Inc. (NASDAQ: GILD) dropped about 1.1% on Thursday to post a new 52-week low of $72.21 after closing at $73.03 on Wednesday. The stock’s 52-week high is $111.11. Volume was about 20% below the daily average of around 10.6 million shares. The company had no specific news Thursday, and recovered enough that it may close (barely) in the green.
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