Mylan, Teva Sink into Wednesday’s 52-Week Low Club
Teva, Mylan, Ensco, and Chesapeake Energy all posted new 52-week lows on Wednesday.
August 9, 2017: Here are four stocks trading with heavy volume among 199 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by more than 7 to 3 and on the Nasdaq decliners led advancers by nearly 3 to 1.
Teva Pharmaceuticals Industries Inc. (NYSE: TEVA) dropped about 4.2% Wednesday to register a new 52-week low of $17.53 after closing at $18.29 on Tuesday. The 52-week high is $55.39. Volume was around 52 million, more than 4 times the daily average. The company said it is looking to sell a least one asset to help boost its balance sheet.
Mylan NV (NYSE: MYL) posted a new 52-week low of $29.58 on Wednesday, down about 7% from Tuesday’s closing price of $31.79. The stock’s 52-week high is $49.91. Volume totaled around 29 million shares, more than 5 times the daily average of around 5.5 million. The company slashed 2017 guidance after missing earnings expectations this morning.
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Ensco plc (NYSE: ESV) dropped more than 11% Wednesday to post a new 52-week low of $4.32 after closing Tuesday at $4.83. The 52-week high is $12.04. Volume of about 28 million shares traded was about 50% higher than the daily average of around 18.8 million. The offshore driller had no specific news.
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Chesapeake Energy Corp. (NYSE: CHK) dropped 2% Wednesday to post a new 52-week low of $4.31 after closing at $4.40 on Tuesday. The stock’s 52-week high is $8.20. Volume of about 22 million was about 20% below 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.