Rite Aid, Urban Outfitters Topple into Wednesday's 52-Week Low Club
March 8, 2017: Here are four stocks trading with heavy volume among 115 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by nearly 3 to 1 and on the Nasdaq decliners led advancers by about 4 to 3.
Rite Aid Corp. (NYSE: RAD) dropped about 6.6% Wednesday, to post a new 52-week low of $4.68 after closing at $5.01 on Tuesday. The stock’s 52-week high is $8.77. Volume was about 40% above the daily average of around 25 million shares. The company had no specific news.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 4.2% on Wednesday to record a new 52-week low of $2.51 against a high of $5.75. The stock closed at $2.62 on Tuesday. Volume was about a third higher than the daily average of around 25 million shares. The company had no specific news Wednesday, but the struggling company continues getting slaughtered.
Urban Outfitters Inc. (NASDAQ: URBN) dropped 10% Wednesday, to post a new 52-week low of $22.87 after closing at $25.41 on Tuesday. The stock’s 52-week high is $40.80. Volume was about 6 times the daily average of around 2.4 million shares. The specialty apparel retailer posted earnings and revenue misses last night and analysts were in no mood to be generous.
Cobalt International Energy Inc. (NYSE: CIE) dropped about 11.5% Wednesday to post a new 52-week low of $0.46 after closing Tuesday at $0.52. Volume of more than 12 million shares was nearly double the daily average of around 6.3 million. The independent oil & gas producer is expected to report earnings after markets close Wednesday. No good news is expected.