J.C. Penney, Verizon Tumble into Monday’s 52-Week Low Club
Penney's, Macy's, Verizon, and Urban Outfitters all posted new 52-week lows on Monday.
[cnxvideo id=”508884″ placement=”ros”]May 15, 2017: Here are four stocks trading with relatively heavy volume among 102 equities making new 52-week lows in Monday’s session. On the NYSE, advancers led decliners by about 3 to 1 and on the Nasdaq advancers led decliners by about 2 to 1.
J.C. Penney Co. Inc. (NYSE: JCP) posted a new 52-week low of $4.17 on Monday, down nearly 8.4% compared with Friday’s closing price of $4.55. The stock’s 52-week high is $11.30. Volume totaled nearly 38 million shares, almost double the daily average of about 20 million. The company took a number of downgrades and price target cuts this morning.
Macy’s Inc. (NYSE: M) dropped about 1.4% Monday to post a new 52-week low of $23.27 after closing at $23.61 on Friday. The stock’s 52-week high is $45.41. Volume of more than 12 million was about 60% higher than the daily average of around 7 million shares traded. The department store company reported weak quarterly results last week and investors are increasingly wary of retail stocks.
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Verizon Communications Inc. (NYSE: VZ) dropped about 1.3% Monday to post a new 52-week low of $45.25 after closing at $45.84 on Friday. The stock’s 52-week high is $56.95. Volume was about 10% below the daily average of around 15.6 million shares. The company said today that it has filed a shelf registration with the SEC to issue senior unsecured debt on a recurring basis.
Urban Outfitters Inc. (NASDAQ: URBN) dropped about 3.6% Monday to post a new 52-week low of $20.83 after closing Friday at $21.61. The 52-week high is $40.80. Volume of around 4.5 million shares was about 30% above the daily average of around 3.4 million. The company is scheduled to report first-quarter earnings on Tuesday, and investor expectations are low.
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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.
