Macy’s, Teva Join Wednesday’s 52-Week Low Club
Macy's, Teva, DryShips, Merrimack Pharma lead Wednesday's 52-week low club.
[cnxvideo id=”625447″ placement=”ros”]January 11, 2017: Here are four stocks trading with relatively heavy volume among 25 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 about 7 to 6.
DryShips Inc. (NASDAQ: DRYS) dropped about 11.4% on Wednesday to post a new 52-week low of $2.34 against a 52-week high of $278.40 and a Tuesday close of $2.73. Volume of about 15 million was 80% higher than the daily average of around 8.5 million. Investors continue to run away from the company’s diversification in LPG shipping.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) dropped about 4.7% on Wednesday to post a new 52-week low of $3.24 after closing at $3.40 on Tuesday. Volume was about 4 times the daily average of about 3.9 million shares. The stock’s 52-week high is $9.02 The company said Tuesday that it has sold some of its cancer drugs to Ipsen for $1 billion.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA ) dropped about 4.7% Wednesday to post a new 52-week low of $33.56 after closing Tuesday at $35.20. The 52-week high is $65.20. Volume of around 13.4 million was about 35% above the daily average of around 10 million shares traded. At his press conference Wednesday, President-elect Trump drew a big target on high drug prices.
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Macy’s Inc. (NYSE: M) dropped about 1.8% Wednesday, posting a new 52-week low of $29.75 after closing at $30.30 on Tuesday. The stock’s 52-week high is $45.50. The department store retailer had no specific news.
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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.