Investing
Rite Aid, Valeant Drop into Tuesday's 52-Week Low Club
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March 21, 2017: Here are four stocks trading with relatively heavy volume among 113 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by nearly 4 to 1 and on the Nasdaq decliners led advancers by nearly 5 to 1.
Rite Aid Corp. (NYSE: RAD) posted a new 52-week low of $4.48 on Tuesday, down about 4.9% compared with Monday’s closing price of $4.71. Volume was about 40% above the daily average of around 25 million shares. The company had no specific news today, but the longer the proposed merger with Walgreens drags on, the less investors like the merger’s chances.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 2.7% Tuesday, to post a new 52-week low of $10.35 after closing at $10.64 on Monday. The stock’s 52-week high is $38.50. Volume was nearly equal to the daily average of around 18.6 million shares. The battered drug maker completed a $1.1 billion bond tender offer as investors couldn’t wait to cash out.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 5.1% Tuesday, to post a new 52-week low of $5.55 after closing at $5.85 on Monday. The stock’s 52-week high is $11.51. Volume was about 20% below the daily average of around 21 million shares. The company had no specific news.
Cobalt International Energy Inc. (NYSE: CIE) dropped about 7.3% Tuesday to post a new 52-week low of $0.38 after closing Monday at $0.41. The stock’s 52-week high is $3.50. Volume of nearly 11 million shares was about 55% above the daily average of around 7 million. The company had no specific news.
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