General Electric, Rite Aid Drop into Wednesday’s 52-Week Low Club
General Electric, Rite Aid, Dick's Sporting Goods, and Walgreens all posted new 52-week lows Wednesday.
October 11, 2017: Here are four stocks trading with heavy volume among 40 equities making new 52-week lows in Wednesday’s session. On the NYSE, advancers led decliners by around 3 to 2 and on the Nasdaq advancers and decliners were evenly split.
General Electric Co. (NYSE: GE) dropped about 2% Wednesday to post a new 52-week low of $22.90 after closing at $23.36 on Tuesday. The 52-week high is $32.38. Volume was around 97 million, more than double the daily average of about 41 million. The company had no specific news, but one analyst sees a dividend cut as more likely than before and that sent investors stampeding for the exits.
Rite Aid Corp. (NYSE: RAD) dropped about 5.9% Wednesday to post a new 52-week low of $1.75 after closing at $1.86 on Tuesday. The stock’s 52-week high is $8.77. Volume of around 56 million was about double the daily average. The company had no specific news.
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Dick’s Sporting Goods Inc. (NYSE: DKS) posted a new 52-week low of $25.19 on Wednesday, down about 7.2% from Tuesday’s closing price of $27.14. The stock’s 52-week high is $62.88. Volume totaled around 11 million shares, more than three times the daily average. The company had no specific news Wednesday.
Walgreens Boots Alliance Inc. (NASDAQ: WBA) dropped about 1.5% Wednesday to post a new 52-week low of $68.80 after closing at $69.85 on Tuesday. The 52-week high is $89.69. Volume was around 5.7 million, about equal to the daily average. The company’s stock was downgraded by one analyst on Monday, but the scare for Walgreens and Rite Aid is that Amazon may launch a challenge in the pharmacy business.
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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.