Valeant, CVS Tumble into Tuesday’s 52-Week Low Club
November 8, 2016 by Paul AusickNovember 8, 2016: Here are four stocks trading with relatively heavy volume among 128 equities making new 52-week lows in Tuesday’s session. On the NYSE, advancers led decliners by nearly 3 to 2 and on the Nasdaq advancers led decliners by about 5 to 4.
Hertz Global Holdings Inc. (NYSE: HTZ) lost nearly 52% Tuesday to post a new 52-week low of $17.20 after closing Monday at $35.74. The 52-week high is $53.14. Volume of around 98 million was nearly 90 times daily average of around 1.2 million shares traded. The car rental company slashed its guidance and investors slashed the stock price.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 28% on Tuesday to post a new 52-week low of $13.77 after closing at $19.13 on Monday. The stock’s 52-week high is $119.87. Volume was nearly 4 times the daily average of around 23 million shares. The company reported weak third quarter results before markets opened this morning and the CFO said the bad news would not end next year either.
CVS Health Corp. (NYSE: CVS) dropped about 28% on Tuesday to post a new 52-week low of $69.30 against a 52-week high of $106.67. Volume of about 44 million was about 8 times the daily average of around 5.6 million. The stock closed at $83.39 on Monday night. The company not only had soft earnings, but said it had loss some prescription business to rival Walgreens.
Weatherford International Inc. (NYSE: WFT) dropped about 4.6% on Tuesday to post a new 52-week low of $3.73 after closing at $3.91 on Monday. The stock’s 52-week high is $11.21. Volume of more than 28 million was about 25% above the daily average of around 22.5 million shares. The oilfield services firm had no specific news.
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