J.C. Penney, Frontier Communications Sink into Wednesday's 52-Week Low Club
March 1, 2017: Here are four stocks trading with heavy volume among 74 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by about 2 to 1 and on the Nasdaq advancers led by decliners more than 3 to 1.
Frontier Communications Corp. (NASDAQ: FTR) dropped 0.1% Wednesday, to post a new 52-week low of $2.90 after closing at $2.93 on Tuesday. The stock’s 52-week high is $5.85. Volume was about 25% higher than the daily average of around 23 million shares. The company missed estimates badly on Monday, but has managed somehow to hang onto its 12.77% dividend yield..
DryShips Inc. (NASDAQ: DRYS) dropped more than 12% Wednesday to post a new 52-week low of $1.81 after closing Tuesday at $2.06. Volume of more than 28 million shares was about 80% higher than the daily average of around 16 million. The company said Monday that it would pay a dividend amount totaling $2.5 million to common stockholders. That works out to about $0.07 per share based on 36.25 million shares outstanding.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 3.8% on Wednesday to record a new 52-week low of $6.10 against a high of $11.99. The stock closed at $6.34 on Tuesday. Volume was about 5% higher than the daily average of around 21 million shares. The company had no specific news.
Cobalt International Energy Inc. (NYSE: CIE) dropped about 2.8% Wednesday, to post a new 52-week low of $0.69 after closing at $0.71 on Tuesday. The stock’s 52-week high is $3.81. Volume was about double the daily average of around 5.9 million shares. The New York Stock Exchange on Tuesday notified the company that it is no longer in compliance with the exchange’s listing standard..