Investing
Valeant, DryShips Plunge into Tuesday's 52-Week Low Club
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March 7, 2017: Here are four stocks trading with heavy volume among 121 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by about 7 to 3 and on the Nasdaq decliners led advancers by about 2 to 1.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 6.9% on Tuesday to record a new 52-week low of $2.57 against a high of $5.77. The stock closed at $2.76 on Monday. Volume was more than double the daily average of around 25 million shares. The company had no specific news Tuesday, but the struggling company is just getting slaughtered.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 8.5% Tuesday, to post a new 52-week low of $11.36 after closing at $12.41 on Monday. The stock’s 52-week high is $70.43. Volume was about double the daily average of around 16.6 million shares. The company announced Monday that it had paid down about $1.1 billion in secured term loans and now seeks to refinance and amend its existing credit agreement, borrow more money under the agreement, and issue new secured debt. Investors can’t hit the exits fast enough.
SeaDrill Ltd. (NYSE: SDRL) dropped about 19% Tuesday, to post a new 52-week low of $1.02 after closing at $1.26 on Monday. The stock’s 52-week high is $5.50. Volume was nearly double the daily average of around 14 million shares. The offshore drilling company had no specific news.
DryShips Inc. (NASDAQ: DRYS) dropped about 4.9% Tuesday to match a new 52-week low of $1.25 set early Monday before shares closed at $1.31. Volume of more than 24 million shares was 35% above the daily average of around 18 million. The shipping firm announced Monday morning that it had exercised its second option to purchase a very-large gas carrier for $83.5 million.
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