Xerox, Medtronic in Tuesday's 52-Week Low Club
January 3, 2017: Here are four stocks trading with relatively heavy volume among 23 equities making new 52-week lows in Tuesday’s session. On the NYSE, advancers led decliners by about 3 to 1 and on the Nasdaq advancers led decliners by nearly 2 to 1. Total volume reached about 75 of the daily average.
Xerox Corp. (NYSE: XRX) dropped about 23% on Tuesday to post a new 52-week low of $6.46 after closing at $8.73 on Friday. The dip was the result of the company’s completed separation into two firms this morning. After the early drop shares had gained around 17% by late afternoon, probably on the strength of a cash payment of $1.8 billion.
Inotek Pharmaceuticals Inc. (NASDAQ: ITEK) dropped about 73% on Tuesday to post a new 52-week low of $1.65 against a 52-week high of $10.90 and a Friday close of $6.10. Volume of about 15 million was more than 40 times the daily average of around 310,000. The company’s late-stage trial of a glaucoma treatment failed.
Medtronic plc (NYSE: MDT) dropped about 2.6% Tuesday to post a new 52-week low of $69.35 after closing Friday at $71.23. The 52-week high is $89.27. Volume of around 8.6 million was about 20% more than the daily average of around 6.2 million shares traded. The company’s stock was downgraded this morning at Morgan Stanley.
Gulfport Energy Corp. (NASDAQ: GPOR) dropped about 6.5% on Tuesday to post a new 52-week low of $20.24 after closing at $21.64 on Friday. The stock’s 52-week high is $34.67. Volume was about 50% higher than the daily average of around 3.3 million shares. The company had no specific news Tuesday.