Penney's, General Electric Plunge into Friday's 52-Week Low Club
October 27, 2017: Here are four stocks trading with heavy volume among 130 equities making new 52-week lows in Friday’s session. On the NYSE, advancers led decliners by more than 3 to 2 and on the Nasdaq advancers led decliners by about the same ratio.
J.C. Penney Co. Inc. (NYSE: JCP) dropped about 24% Friday to post a new 52-week low of $2.77 after closing at $3.66 on Thursday. The stock’s 52-week high is $10.74. Volume of around 85 million was more than five times the daily average. The retailer slashed its outlook for the rest of the year and investors showed no mercy.
General Electric Co. (NYSE: GE) dropped about 4% Friday to post a new 52-week low of $20.64 after closing at $21.50 on Thursday. The 52-week high is $32.38. Volume was around 82 million, 30% above the daily average of about 50 million. The company had no specific news, but, then, none is really necessary.
Mattel Inc. (NASDAQ: MAT) posted a new 52-week low of $12.71 on Friday, down about 17% from Thursday’s closing price of $15.37. The stock’s 52-week high is $32.48. Volume totaled around 58 million shares, more than seven times the daily average. The company posted terrible earnings and then suspended its dividend payment.
Rite Aid Corp. (NYSE: RAD) dropped about 7.8% Friday to post a new 52-week low of $1.54 after closing at $1.67 on Thursday. The 52-week high is $8.77. Volume was around 38 million, about 60% more than the daily average of around 25 million. A report that Amazon has received wholesale pharmacy licenses in 12 states slammed pharmacy shares across the board Friday.