Coty, Community Health Crash into Wednesday's 52-Week Low Club
November 9, 2016: Here are four stocks trading with relatively heavy volume among 149 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by about 8 to 7 and on the Nasdaq advancers led decliners by more than 2 to 1.
Community Health Systems Inc. (NYSE: CYH) lost about 30% Wednesday to post a new 52-week low of $4.15 after closing Tuesday at $5.94. The 52-week high is $25.32. Volume of around 31 million was about 5 times daily average of around 6.1 million shares traded. The hospital stocks took a beating following Tuesday’s election based on the new administration’s promise to repeal Obamacare. With majorities in both houses of Congress and a president not named Obama, this looks like a sure thing to investors.
Coty Inc. (NYSE: COTY) dropped nearly 16% on Wednesday to post a new 52-week low of $18.48 after closing at $21.89 on Tuesday. The stock’s 52-week high is $31.60. Volume was nearly double the daily average of around 12 million shares. The cosmetics giant missed estimates this morning.
Tenet Healthcare Corp. (NYSE: THC) dropped about 28% on Wednesday to post a new 52-week low of $14.55 against a 52-week high of $35.35. Volume of about 15.4 million was more than 6 times the daily average of around 2.4 million. The stock closed at $20.27 on Tuesday night. Another hospital stock hammered by election results.
Infosys Ltd. (NYSE: INFY) dropped nearly 6% on Wednesday to post a new 52-week low of $14.27 after closing at $15.16 on Tuesday. The stock’s 52-week high is $20.47. Volume of nearly 15 million was about 3 times the daily average of around 4.8 million shares. The company had no specific news.