Rite Aid, Fitbit Plunge into Monday's 52-Week Low Club
January 30, 2017: Here are four stocks trading with relatively heavy volume among 73 equities making new 52-week lows in Monday’s session. On the NYSE, decliners led advancers by more than 3 to 2 and on the Nasdaq decliners led advancers by more than 3 to 1.
Rite Aid Corp. (NYSE: RAD) dropped nearly 18% Monday, to post a new 52-week low of $5.70 after closing at $6.93 on Friday. The stock’s 52-week high is $8.77. Volume was more than 5 times the daily average of around 21 million shares. The company sank after announcing that it will accept a lower price per share to complete its proposed merger with Walgreens.
Fitbit Inc. (NYSE: FIT) dropped more than 18% on Monday to post a new 52-week low of $5.90 against a 52-week high of $18.85 and a Friday close of $7.21. Volume of around 24 million was nearly 3.5 times the daily average of around 12 million. The company announced a layoff and a cut to guidance after a poor fourth quarter.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 1.6% Monday to post a new 52-week low of $6.35 after closing Friday at $6.45. The 52-week high is $11.99. Volume of nearly 17 million was about 15% below the daily average of around 20 million shares traded. The company had no specific news Monday.
Tempur Sealy International Inc. (NYSE: TPX) dropped about 33% on Monday to record a new 52-week low of $42.51. The stock closed at $63.19 on Friday. Volume was nearly 25 times the daily average of around 930,000 shares. The company announced that its deal with retailer Mattress Firm would probably end this quarter.