J.C. Penney, DryShips Push into Thursday’s 52-Week Low Club
J.C. Penney, DryShips, Synchronoss, and Ocean Power Technologies all posted new 52-week lows on Thursday.
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[cnxvideo id=”625447″ placement=”ros”]April 27, 2017: Here are four stocks trading with relatively heavy volume among 70 equities making new 52-week lows in Thursday’s session. On the NYSE, advancers and decliners traded even and on the Nasdaq, decliners led advancers by about 7 to 6.
Synchronoss Technologies Inc. (NASDAQ: SNCR) dropped nearly 55% Thursday to post a new 52-week low of $11.15 after closing at $24.62 on Wednesday. The stock’s 52-week high is $49.94. Volume was nearly 30 times the daily average of around 800,000 shares traded. The company’s CEO and CFO both departed this morning and the company also issued a warning on earnings.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 2.2% Thursday to post a new low of $5.40 after closing at $5.52 Wednesday night. The stock’s 52-week high is $11.30. Volume was about 35% below the daily average of around 18.9 million shares. The struggling retailer had no specific news.
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DryShips Inc. (NASDAQ: DRYS) dropped about 1.6% Thursday to post a new post-reverse split low of $1.21 after closing Wednesday at $1.23. Volume of around 11.7 million shares was about 65% below the daily average of around 33 million. The company announced that it had repaid a $15.2 commercial loan facility and shares now look to close up about 5% for the day.
Ocean Power Technologies Inc. (NASDAQ: OPTT) posted a new 52-week low of $1.33 on Thursday, down about 34.5% compared with Wednesday’s closing price of $2.03. The stock’s 52-week high is $15.65. Volume of around 9.44 million shares was about 15 times the daily average of around 600,000 shares. The alternative energy company priced a secondary offering of 5.4 million shares at $1.30 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.
