General Electric, Schlumberger Dip into Friday's 52-Week Low Club
October 20, 2017: Here are four stocks trading with heavy volume among 64 equities making new 52-week lows in Friday’s session. On the NYSE, advancers led decliners by about 3 to 2 and on the Nasdaq advancers led decliners by about the same ratio.
General Electric Co. (NYSE: GE) dropped about 6.3% Friday to post a new 52-week low of $22.10 after closing at $23.58 on Thursday. The 52-week high is $32.38. Volume was around 164 million, about four times the daily average of about 44 million. The company’s third quarter earnings report was awful, but at least GE didn’t cut its dividend. Shares have recovered somewhat and are on track to post a small gain for the day as the closing bell approaches.
Schlumberger Ltd. (NYSE: SLB) dropped about 4.8% Friday to post a new 52-week low of $61.40 after closing at $64.50 on Thursday. The 52-week high is $87.84. Volume was around 15 million, more than double the daily average. The oil field services company reported good earnings this morning, but warned of lower activity in the fourth quarter.
Baker Hughes a GE Company (NYSE: BHGE) dropped about 5.1% Friday to post a new 52-week low of $31.45 after closing at $33.15 on Thursday. The stock’s 52-week high is $68.59. Volume of around 5.6 million was approaching double the daily average. The company also announced third-quarter results this morning.
TechnipFMC plc (NYSE: FTI) posted a new 52-week low of $24.53 on Friday, down about 2.3% from Thursday’s closing price of $25.10. The stock’s 52-week high is $37.09. Volume totaled around 4.8 million shares, about 40% more than the daily average. This oil field services company has agreed to spend about $20 million to acquire the wellhead equipment and services business of Plexus. An earn-out agreement could add up to $36.3 million to the purchase price..