Target, JC Penney Slide Into Monday’s 52-Week Low Club
DryShips, Target, J.C. Penney, and Aevi Genomic Medicine all posted new 52-week lows Monday.
[cnxvideo id=”655354″ placement=”ros”]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.
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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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.