Bristol-Myers, DryShips Drop into Wednesday’s 52-Week Low Club
Bristol-Myers, DryShips, Michaels, and Meridian Bioscience sink into Wednesday's 52-week low club.
[cnxvideo id=”655223″ placement=”ros”]January 25, 2017: Here are four stocks trading with relatively heavy volume among 22 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by nearly 2 to 1 and on the Nasdaq advancers led decliners by more than 2 to 1.
Bristol-Myers Squibb Co. (NYSE: BMY) dropped about 0.3% Wednesday, to post a new 52-week low of $48.81 after closing at $48.96 on Tuesday. The stock’s 52-week high is $77.12. Volume was about equal to the daily average of around 11.4 million shares. The company had no specific news Wednesday.
DryShips Inc. (NASDAQ: DRYS) dropped about 8.9% on Wednesday to post a new split-adjusted 52-week low of $4.4.08 against a 52-week high of $278.40 and a Tuesday close of $5.40. Volume of around 10 million was nearly 5 times the daily average of around 2.2million. New shares began trading Tuesday morning after a 1-for-8 reverse stock split that valued the new shares at about $8.00.
The Michaels Companies Inc. (NASDAQ: MIK) dropped about 8.4% Wednesday to post a new 52-week low of $19.95 after closing Tuesday at $21.78. The 52-week high is $31.36. Volume of around 8.3 million was about 5 times the daily average of around 1.8 million shares traded. The company announced a secondary offering after markets closed last night.
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Meridian Bioscience Inc. (NASDAQ: VIVO) dropped about 34.5% on Wednesday to post a new 52-week low of $10.77 after closing at $16.45 on Tuesday. Volume was about 10 times the daily average of around 310,000. The company cut its dividend and reported a poor first-fiscal quarter’s results.
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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.