Target, DryShips Tumble into Thursday's 52-Week Low Club
January 19, 2017: Here are four stocks trading with relatively heavy volume among 56 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 3 to 1 and on the Nasdaq decliners led advancers by about 5 to 2.
DryShips Inc. (NASDAQ: DRYS) dropped about 35% on Thursday to post a new 52-week low of $1.04 against a 52-week high of $278.40 and a Wednesday close of $1.59. Volume of around 60 million was about 6 times the daily average of around 10.8 million. No news again, just a continuing slide in the share price. The company said earlier this morning that it will launch a 1-for-8 reverse stock split of common shares on January 23. At the time of the announcement DryShips had about 69.4 million shares issued; the reverse split will cut that to about 8.7 million shares.
Fitbit Inc. (NYSE: FIT) dropped about 3.2% Thursday, to post a new 52-week low of $7.01 after closing at $7.24 on Wednesday. The stock’s 52-week high is $19.34. Volume was about 10% below the daily average of around 11.7 million shares. The company had no specific news.
Target Corp. (NYSE: TGT) dropped about 2.7% on Thursday to post a new 52-week low of $65.06 after closing at $66.85 on Wednesday. Volume was approaching double the daily average of about 5.4 million. The company issued a weak outlook on Wednesday and the stock was downgraded to Sell at Goldman Sachs this morning.
GNC Holdings Inc. (NYSE: GNC) dropped about 17.5% Thursday to post a new 52-week low of $9.20 after closing Wednesday at $11.15. The 52-week high is $35.90. Volume of around 8.5 million was about triple the daily average of around 2.8 million shares traded. Another company slapped this morning with a downgrade to Sell by Goldman Sachs and a new price target, down from $12 to $8.