Target, JC Penney Slide Into Monday's 52-Week Low Club
March 20, 2017: Here are four stocks trading with relatively heavy volume among 72 equities making new 52-week lows in Monday’s session. On the NYSE, decliners led advancers by about 4 to 3 and on the Nasdaq decliners led advancers by nearly the same margin.
DryShips Inc. (NASDAQ: DRYS) posted a new 52-week low of $1.23 on Monday, down about 26% compared with Friday’s closing price of $167. Volume was more than double the daily average of around 25 million shares. The shipping firm completed a $200 million secondary offering last Friday, further diluting existing shareholders. The company also said last week that it will pay a fourth-quarter 2016 dividend of $0.017412
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 3.7% Monday, to post a new 52-week low of $5.77 after closing at $5.99 on Friday. The stock’s 52-week high is $11.73. Volume was about a third below the daily average of around 21 million shares. The company had no specific news to add to its announcement Friday that it would close 138 stores.
Aevi Genomic Medicine Inc. (NASDAQ: GNMX) dropped about 62% Monday, to post a new 52-week low of $2.05 after closing at $5.44 on Friday. The stock’s 52-week high is $6.89. Volume was about 30 times the daily average of around 300,000 shares. The company’s ADHD drug failed to meet a trial’s primary endpoint.
Target Corp. (NYSE: TGT) dropped about 0.6% Monday to post a new 52-week low of $53.94 after closing Friday at $54.29. Volume of more than 6.3 million shares was about 15% below the daily average of around 7.3 million. The company hired a new executive to take charge of its grocery business.