Merck, General Electric Sink into Monday’s 52-Week Low Club
October 30, 2017 by Paul Ausick
October 30, 2017: Here are four stocks trading with heavy volume among 80 equities making new 52-week lows in Monay’s session. On the NYSE, decliners led advancers by more than 3 to 2 and on the Nasdaq decliners led advancers by about 2 to 1.
General Electric Co. (NYSE: GE) dropped about 2.5% Monday to post a new 52-week low of $20.26 after closing at $20.79 on Friday. The 52-week high is $32.38. Volume was around 78 million, more than 50% above the daily average of about 51 million. The company had no specific to post its sixth consecutive 52-week low.
Merck & Co. Inc. (NYSE: MRK) dropped about 6.6% Monday to post a new 52-week low of $54.41 after closing at $58.24 on Friday. The stock’s 52-week high is $66.80. Volume of around 32 million was about four times the daily average. The drug maker said it had withdrawn its application for approval of a key lung cancer treatment.
Macy’s Inc. (NYSE: M) posted a new 52-week low of $18.62 on Monday, down about 5.4% from Friday’s closing price of $19.69. The stock’s 52-week high is $45.41. Volume totaled around 21 million shares, more than double the daily average. The company was downgraded from Neutral to Sell at Citi this morning.
CenturyLink Inc. (NYSE: CTL) dropped about 7.8% Monday to post a new 52-week low of $17.07 after closing at $18.51 on Friday. The 52-week high is $30.39. Volume was around 21 million, about double the daily average of around 11 million. The company’s $34 billion acquisition of Level 3 Communications received FCC approval, but the company was hit with a charge of securities fraud.
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