Merrimack, Fitbit Languish in Wednesday’s 52-Week Low Club
December 21, 2016: Here are four stocks trading with relatively heavy volume among 56 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 120 issues and on the Nasdaq decliners led advancers by…
December 21, 2016: Here are four stocks trading with relatively heavy volume among 56 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 120 issues and on the Nasdaq decliners led advancers by about 5 to 3.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) dropped about 19% on Wednesday to post a new 52-week low of $4.35 against a 52-week high of $9.02 and a Tuesday close of $5.37. Volume of nearly 11 million was more than 3 times the daily average of around 3.4 million. The company said this morning that it is ending its breast cancer treatment study.
xG Technology Inc. (NASDAQ: XGTI) dropped about 57% on Wednesday to post a new 52-week low of $1.55 after closing at $3.62 on Tuesday. The stock’s 52-week high is $34.80. Volume of about 9 million shares approaches 30 times the daily average of about 380,000. The wireless communications company priced a secondary offering of 3.8 million units comprising a share of common stock and an immediately exercisable warrant at $2 per unit.
Fitbit Inc. (NYSE: FIT) dropped about 1.9% on Wednesday to post a new 52-week low of $7.30 after closing at $7.44 on Tuesday. The stock’s 52-week high is $30.96. Volume was about 10% below the daily average of around 10 million shares. Analysts at Pacific Crest said that the company’s inventory continues increasing and lowered the firm’s expectations for unit sales in the first fiscal quarter of 2017.
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Himax Technologies Inc. (NASDAQ: HIMX) dropped about 3.3% Wednesday to post a new 52-week low of $5.85 after closing Tuesday at $6.05. The 52-week high is $10.95. Volume of around 5 million was about 20% more than the daily average of around 3.9 million shares traded. The company had no specific news today.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
