General Electric, Transocean Plunge into Wednesday's 52-Week Low Club
August 16, 2017: Here are four stocks trading with heavy volume among 186 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq advancers led decliners by about 15 to 13.
General Electric Co. (NYSE: GE) dropped about 0.4% Wednesday to post a new 52-week low of $25.05 after closing Tuesday at $25.14. The 52-week high is $32.38. Volume of around 22 million shares traded was about 45% below the daily average of around 39 million. Warren Buffett dropped the stock from his Berkshire Hathaway portfolio.
Transocean Ltd. (NYSE: RIG) dropped about 5.4% Wednesday to post a new 52-week low of $7.48 after closing at $7.91 on Tuesday. The stock’s 52-week high is $16.66. Volume of more than 20 million was about a third higher than the daily average of about 16 million. The company announced Tuesday that it had 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.
Whiting Petroleum Corp. (NYSE: WLL) dropped about 6.4% Wednesday to register a new 52-week low of $4.36 after closing at $4.66 on Tuesday. The 52-week high is $13.39. Volume was around 19 million, about 15% below the daily average. The company had no specific news.
Dick’s Sporting Goods Inc. (NYSE: DKS) posted a new 52-week low of $26.32 on Wednesday, down about 2% from Tuesday’s closing price of $26.87. The stock’s 52-week high is $62.88. Volume totaled more than 12 million shares, about 4 times the daily average of around 3.1 million. The company posted weak results Tuesday morning and investors are not finished administering punishment yet.