Rite Aid, DryShips Stumble into Monday’s 52-Week Low Club
Rite Aid, DryShips, Mattel, and Valeant all posted new 52-week lows on Monday.
[cnxvideo id=”655413″ placement=”ros”]April 24, 2017: Here are four stocks trading with relatively heavy volume among 57 equities making new 52-week lows in Monday’s session. On the NYSE, advancers led decliners by more than 2 to 1 and on the Nasdaq advancers led decliners by 5 to 4.
Rite Aid Corp. (NYSE: RAD) dropped about 2.6% Monday to post a new 52-week low of $3.70 after closing at $3.80 on Friday. The stock’s 52-week high is $8.77. Volume was nearly equal to the daily average of more than 23 million shares traded. The company reports fiscal fourth-quarter results after markets closed on Tuesday, but investors are waiting for an FTC decision on the Walgreens merger.
DryShips Inc. (NASDAQ: DRYS) dropped about 18% Monday to post a new low of $1.27 after closing at $1.55 Friday night. The low is based on a recent 1-for-4 reverse split. Volume was about 60% below the daily average of nearly 33.5 million shares. The company had no specific news.
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Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 2.4% Monday to post a new 52-week low of $8.31 after closing Friday at $8.51. The stock’s 52-week high is $38.50. Volume of around 13.5 million shares was about 65% below the daily average of around 18.8 million. The company had no specific news, and shares are on track to add about 1.5% by the closing bell.
Mattel Inc. (NASDAQ: MAT) posted a new 52-week low of $21.55 on Monday, down about 1.1% compared with Friday’s closing price of $21.79. The stock’s 52-week high is $34.24. Volume of about 10 million shares was nearly 15% above the daily average of around 6 million shares. The company reported a steep sales decline Friday, and competitor Hasbro posted a big earnings beat 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.
