Macy’s, Tegna Drop into Tuesday’s 52-Week Low Club
Macy's, Tegna, Celldex, and DryShips posted new 52-week lows Tuesday.
June 6, 2017: Here are four stocks trading with heavy volume among 126 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by about 8 to 7 and on the Nasdaq, decliners led advancers by about 3 to 2.
Macy’s Inc. (NYSE: M) dropped about 7.7% Tuesday to post a new 52-week low of $22.03 after closing at $23.86 on Monday. The stock’s 52-week high is $45.41. Volume of about 21 million was nearly double the daily average. The company warned on profit margins and the stock price fell to a six-year low.
Tegna Inc. (NYSE: TGNA) dropped 2.4% Tuesday to post a new 52-week low of $14.20 after closing at $14.55 on Monday. The stock’s 52-week high is $26.65. Volume was about 5 million, about 20% above the daily average of around 3.9 million shares. The company had no specific news, but continues to feel the effects of its spin-off of Cars.com.
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Celldex Therapeutics Inc. (NASDAQ: CLDX) dropped more than 13% Tuesday to post a new 52-week low of $2.37 after closing Monday at $2.73. The 52-week high is $5.02. Volume was nearly 3 times the daily average of about 1.9 million shares. The company reported lukewarm results in its phase 1 cancer drug trials.
DryShips Inc. (NASDAQ: DRYS) posted a new 52-week low of $1.77 on Tuesday, down about 8.8% compared with Monday’s closing price of $1.94. Volume totaled about 5 million shares, about 60% below daily average of about 9 million. The company took delivery of its fourth Panamax-class dry bulk carrier today. Investors are not happy with the company’s massive spending on net ships. And that’s an understatement.
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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.