Teva, General Electric Scoot into Thursday’s 52-Week Low Club
Teva, General Electric, Newell Brands, and Oclaro all posted new 52-week lows Thursday.
November 2, 2017: Here are four stocks trading with heavy volume among 151 equities making new 52-week lows in Thursday’s session. On the NYSE, advancers and decliners traded evenly and on the Nasdaq advancers led decliners by about 4 to 3.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped more than 22% Thursday to post a new 52-week low of $10.85 after closing at $14.02 on Wednesday. The stock’s 52-week high is $43.46. Volume of around 108 million was nearly four times the daily average. The generic drug maker posted weak results and warned on profits — a double whammy for investors.
General Electric Co. (NYSE: GE) dropped about 1.9% Thursday to post a new 52-week low of $19.63 after closing at $20.02 on Wednesday. The 52-week high is $32.38. Volume was around 65 million, about 20% above the daily average of about 53 million. A ninth consecutive 52-week low, the company’s longest streak of bad news in nearly a decade.
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Newell Brands Inc. (NYSE: NWL) posted a new 52-week low of $29.70 on Thursday, down more than 27% from Wednesday’s closing price of $41.00. The stock’s 52-week high is $55.08. Volume totaled around 42 million shares, approaching 10 times the daily average. The company missed estimates this morning and lowered guidance.
Oclaro Inc. (NASDAQ: OCLR) dropped about 26% Thursday to post a new 52-week low of $5.94 after closing at $8.02 on Wednesday. The 52-week high is $11.30. Volume was around 37 million, more than six times the daily average of around 27.5 million. Quarterly results were okay, but the outlook for revenues was decidely dim.
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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.