Bristol-Myers, Target Sink into Friday's 52-Week Low Club
January 20, 2017: Here are four stocks trading with relatively heavy volume among 54 equities making new 52-week lows in Friday’s session. On the NYSE, advancers led decliners by nearly 2 to 1 and on the Nasdaq advancers led decliners by about 3 to 2.
Bristol-Myers Squibb Co. (NYSE: BMY) dropped about 11.8% Friday to post a new 52-week low of $48.92 after closing Thursday at $55.49. The 52-week high is $77.12. Volume of around 66 million was more than 6 times the daily average of around 10 million shares traded. Shares plunged after the company said it would not seek accelerated approval for its lung cancer drug.
DryShips Inc. (NASDAQ: DRYS) dropped about 2% on Friday to post a new 52-week low of $0.99 against a 52-week high of $278.40 and a Thursday close of $1.01. Volume of around 48 million was about 4times the daily average of around 102 million. The company said this morning that it had acquired its first gas carrier. On Thursday DryShips said 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.
Target Corp. (NYSE: TGT) dropped about 2.5% on Friday to post a new 52-week low of $63.78 after closing at $65.39 on Thursday. Volume was about 70% above the daily average of around 5.6 million. The company had no specific news Friday.
Fitbit Inc. (NYSE: FIT) dropped about 1.1% Friday, to post a new 52-week low of $6.97 after closing at $7.05 on Thursday. The stock’s 52-week high is $19.34. Volume was about 20% below the daily average of around 11.8 million shares. The company had no specific news.