Reynolds American, Cree Drop in on Wednesday's 52-Week Low Club
October 19, 2016: Here are four stocks trading with relatively heavy volume among 45 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by more than 2 to 1 and on the Nasdaq advancers led decliners by more than 1.5 to 1.
Reynolds American Inc. (NYSE: RAI) dropped about 8.2% on Wednesday to post a new 52-week low of $43.38 against a 52-week high of $54.48. Volume of about 11 million was more than double the daily average of around 4.4 million. The stock closed at $47.27 on Tuesday night. Third-quarter results missed estimates and the company announced a CEO change to take effect next year.
Cree Inc. (NASDAQ: CREE) lost about 14.7% Wednesday to post a new 52-week low of $21.50 after closing Tuesday at $25.20. The 52-week high is $32.92. Volume of about 10 million was about 10 times the daily average of around 1 million shares traded. The lighting company missed earnings last night and shares were downgraded this morning.
Acadia Healthcare Company Inc. (NASDAQ: ACHC) dropped about 16% on Wednesday to post a new 52-week low of $37.96 after closing at $45.19 on Tuesday. The stock’s 52-week high is $74.77. Volume was nearly 8 times the daily average of around 1 million shares. No news here either, but notice that all four of today’s losers are retail stocks. Another weak report, this one preliminary, on third-quarter results.
Ascena Retail Group Inc. (NASDAQ: ASNA) lost about 2.6% Wednesday to post a new 52-week low of $4.87 after closing Tuesday at $5.00. The 52-week high is $14.03. Volume of 3.6 million was around 10% higher than the daily average of about 1 million shares traded. The company had no specific news Wednesday.