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Marathon Oil, Anadarko Slink into Wednesday's 52-Week Low Club
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June 28, 2017: Here are four stocks trading with heavy volume among 46 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by more than 3 to 1 and on the Nasdaq, advancers led decliners by about the same margin.
Marathon Oil Corp. (NYSE: MRO) dropped about 1.3% Wednesday to post a new 52-week low of $11.20 after closing Tuesday at $11.53. The 52-week high is $19.28. Volume was nearly 40% higher than the daily average of about 13.9 million shares. The company had no specific news, and rising crude prices set the stock on track to close the day with a gain of about 1%.
DryShips Inc. (NASDAQ: DRYS) dropped nearly 22% Wednesday to post a new low of $1.99 after closing at $2.55 on Tuesday. Volume was around 10.4 million, nearly 3 times the daily average of around 3.7 million shares. The company took delivery of the first of four new LNG tankers due by the end of the year. Shareholders are less enthusiastic following seven reverse stock splits in the just over 2 years.
Anadarko Petroleum Co. (NYSE: APC) dropped about 0.8% Wednesday to post a new 52-week low of $43.45 after closing at $43.80 on Tuesday. The stock’s 52-week high is $73.33. Volume of about 6 million was around 15% above the daily average of 5.2 million. The company also got a boost from rising crude prices and is on its way to finish the day with a gain of around 0.3%.
Alder Biopharmaceuticals Inc. (NASDAQ: ALDR) posted a new 52-week low of $12.27 on Wednesday, down nearly 9% compared with Tuesday’s closing price of $13.48. The stock’s 52-week high is $36.48. Volume totaled around 4.5 million shares, about 5 times the daily average of around 920,000. The company reported Monday that its migraine treatment reported a positive result, but investors were not impressed then and remain unimpressed today.
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