QEP Resources, Johnson Controls Slump into Thursday's 52-Week Low Club
July 27, 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 just less than 3 to 2 and on the Nasdaq, decliners led advancers by nearly 2 to 1.
DryShips Inc. (NASDAQ: DRYS) dropped about 5.8% Thursday to register a new post-reverse-split low of $0.98 after closing at $1.04 on Wednesday. Volume was about 20 million, nearly 10 times the daily average of around 2.3 million shares. The shipping company added 2 new board members today including one independent director, bringing the board total to 5. Following an early dip, shares are on track to close up about 11%.
QEP Resources Inc. (NYSE: QEP) dropped nearly 18% Thursday to post a new 52-week low of $7.62 after closing at $9.27 on Wednesday. The stock’s 52-week high is $21.12. Volume of about 19 million was nearly 4 times the daily average. The company reported earnings this morning and also announced a $732 million acquisition in the Permian Basin just a week after selling some $777.5 million in Wyoming natural gas assets. QEP also plans to step up its drilling plans, a move that flies in the face of the current conventional wisdom among E&P companies.
Johnson Controls International Inc. (NYSE: JCI) posted a new 52-week low of $38.75 on Thursday, down about 10.5% from Wednesday’s closing price of $43.32. Volume totaled around 14.5 million shares, more than 3 times the daily average of around 4.6 million. The company met profit expectations when it reported results this morning. SG&A expenditures rose sharply as did overall cost of sales. Perhaps that and flat revenues weighed on the shares in Thursday’s session.
The Interpublic Group of Companies Inc. (NYSE: IPG) dropped about 2.3% Thursday to post a new 52-week low of $20.94 after closing Wednesday at $21.44. The 52-week high is $25.71. Volume reached nearly 13 million shares traded, nearly 3 times the daily average of around 3.8 million. The company had no specific news, but Tuesday’s weak earnings report continues to weigh on the share price.