JC Penney, Dick’s Sporting Goods Plunge Into Tuesday’s 52-Week Low Club
Transocean, Chesapeake Energy, J.C. Penney, and Dick's Sporting Goods all posted new 52-week lows on Tuesday.
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August 15, 2017: Here are four stocks trading with heavy volume among 210 equities making new 52-week lows in Tuesday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq decliners led advancers by about 9 to 5.
Transocean Ltd.) dropped about 10% Tuesday to post a new 52-week low of $7.55 after closing at $8.39 on Monday. The stock’s 52-week high is $16.66. Volume of more than 41 million was nearly 3 times the daily average of about 15 million. The company said it has agreed to buy Norwegian firm Songa Offshore for $3.4 billion, including $2.3 billion in Songa’s debt. Investors don’t like the deal.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 5.3% Tuesday to post a new 52-week low of $3.57 after closing Monday at $3.77. The 52-week high is $11.30. Volume of more than 33 million shares traded was 60% above the daily average of around 18.6 million. The company’s second-quarter earnings report released last Thursday continues to send investors fleeing.
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Chesapeake Energy Corp. (NYSE: CHK) dropped about 3.7% Tuesday to register a new 52-week low of $3.92 after closing at $4.07 on Monday. The 52-week high is $8.20. Volume was around 32 million, about 10% below the daily average. The company had no specific news.
Dick’s Sporting Goods Inc. (NYSE: DKS) posted a new 52-week low of $27.07 on Tuesday, down more than 22% from Monday’s closing price of $34.91. The stock’s 52-week high is $62.88. Volume totaled nearly 27 million shares, about 3 times the daily average of around 2.7 million. The company posted weak results this morning.
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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.