DryShips, Frontier Communications Slip into Thursday's 52-Week Low Club
March 2, 2017: Here are four stocks trading with heavy volume among 72 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 11 to 4 and on the Nasdaq decliners led advancers by about 5 to 2.
Frontier Communications Corp. (NASDAQ: FTR) dropped 4.8% Thursday, to post a new 52-week low of $2.78 after closing at $2.92 on Wednesday. The stock’s 52-week high is $5.85. Volume was nearly double the daily average of around 23 million shares. The company missed estimates badly on Monday, and its dividend yield has climbed to 14.33%. Look out below if that is cut.
DryShips Inc. (NASDAQ: DRYS) dropped more than 16% Thursday to post a new 52-week low of $1.60 after closing Wednesday at $1.91. Volume of more than 27 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, or about $0.07 per share. Stockholders are not finding that too appealing obviously.
Opko Health Inc. (NASDAQ: OPK) dropped nearly 15% on Thursday to record a new 52-week low of $7.13 against a high of $12.15. The stock closed at $8.37 on Wednesday. Volume was more than 3 times the daily average of around 4.9 million shares. The company reported a worse-than-expected loss after markets closed last night.
Cobalt International Energy Inc. (NYSE: CIE) dropped about 18% Thursday, to post a new 52-week low of $0.58 after closing at $0.71 on Wednesday. The stock’s 52-week high is $3.81. Volume was nearly double the daily average of around 5.9 million shares. The New York Stock Exchange on Wednesday notified the company that it is no longer in compliance with the exchange’s listing standard.