Rite Aid, Frontier Communications Slip into Wednesday’s 52-Week Low Club
Frontier Communications, Rite Aid, Valeant, and DryShips all posted new 52-week lows Wednesday.
[cnxvideo id=”655420″ placement=”ros”]April 19, 2017: Here are four stocks trading with relatively heavy volume among 71 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 8 to 7 and on the Nasdaq advancers led decliners by about 4 to 3.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 5.2% Wednesday to post a 52-week low of $1.84 after closing at $1.94 Tuesday night. The stock’s 52-week high is $5.75. Volume was about 10% lower than the daily average of nearly 42 million shares. The company had no specific news.
Rite Aid Corp. (NYSE: RAD) posted a new 52-week low of $4.10 on Wednesday, down about 8.3% compared with Tuesday’s closing price of $4.47. The stock’s 52-week high is $8.77. Volume was about 10% above the daily average of around 24.7 million shares. The drop came in the afternoon, following a report that the Federal Trade Commission may block the company’s pending takeover by Walgreens.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 0.3% Wednesday to match a 52-week low of $8.92 after closing Tuesday at $8.95. The stock’s 52-week high is $38.50. Volume of around 8.5 million shares was more than 50% below the daily average of around 18.6 million. The company had no specific news.
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DryShips Inc. (NASDAQ: DRYS) dropped about 1.2% Wednesday to post a new 52-week low of $1.69 after closing at $1.71 on Tuesday. This is new low since the April 11 1-for-4 reverse stock split. Volume was about 8.3 million shares. The company announced the acquisition of three more cargo vessels this morning.
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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.