Rite Aid, General Electric Plunge into Thursday’s 52-Week Low Club
Rite Aid, General Electric, Carrizo Oil & Gas, and Verizon all posted new 52-week lows Thursday.
June 29, 2017: Here are four stocks trading with heavy volume among 63 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 7 to 3 and on the Nasdaq, decliners led advancers by about 9 to 5.
Rite Aid Corp. (NYSE: RAD) dropped nearly 30% Thursday to post a new 52-week low of $2.76 after closing Wednesday at $3.93. The 52-week high is $19.28. Volume was above 193 million shares traded, nearly 5 times the daily volume of about 24 million. The company’s merger with Walgreens collapsed and Rite Aid is selling about half its stores to Walgreens.
General Electric Co. (NYSE: GE) dropped about 1% Thursday to post a new 52-week low of $26.80 after closing at $47.08 on Wednesday. The stock’s 52-week high is $33.00. Volume of about 29 million was around 15% below the daily average of 37 million. The company had no specific news.
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Carrizo Oil & Gas Inc. (NASDAQ: CRZO) dropped about 3.6% Thursday to post a new 52-week low of $15.05 after closing at $15.61 on Wednesday. Volume was about 17 million, about 8 times the daily average of around 2 million shares. The company priced a secondary offering of 15.6 million shares at $14.60, and traders have since bid shares up to more than $16, up about 4.5% for the day.
Verizon Communications Inc. (NYSE: VZ) posted a new 52-week low of $44.41 on Thursday, down about 1% compared with Wednesday’s closing price of $44.84. The stock’s 52-week high is $56.95. Volume totaled around 15 million shares, roughly equal to the daily average. The company had no specific news.
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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.