Macy's, Teva Slide into Thursday's 52-Week Low Club
August 10, 2017: Here are four stocks trading with heavy volume among 250 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by more than more than 6 to 1 and on the Nasdaq decliners led advancers by nearly the same margin.
Chesapeake Energy Corp. (NYSE: CHK) dropped 5% Thursday to post a new 52-week low of $4.15 after closing at $4.37 on Wednesday. The stock’s 52-week high is $8.20. Volume of about 37 million was less than 10% below the daily average of about 35 million. The company had no specific news, but the report on natural gas storage released today was encouraging for prices.
Teva Pharmaceuticals Industries Inc. (NYSE: TEVA) dropped about 1.4% Thursday to register a new 52-week low of $17.26 after closing at $17.50 on Wednesday. The 52-week high is $55.39. Volume was around 34 million, nearly 3 times the daily average. The company had no specific news.
Macy’s Inc. (NYSE: M) dropped more than 10% Thursday to post a new 52-week low of $20.65 after closing Wednesday at $23.03. The 52-week high is $45.41. Volume of about 33 million shares traded was more than 3 times the daily average of around 9.6 million. The company’s second-quarter earnings report wasn’t bad, but the outlook was soft and the explanation less than enlightening.
Chicago Bridge & Iron Co. (NYSE: CBI) posted a new 52-week low of $10.04 on Thursday, down more than 38% from Wednesday’s closing price of $16.33. The stock’s 52-week high is $36.56. Volume totaled around 29 million shares, nearly 5 times the daily average of around 6.4 million. The company posted weak earnings and suspended its dividend. Nothing makes investors head for the door faster than that combination.