GNC Holdings, Finisar Dive into Monday’s 52-Week Low Club
Biolase, GNC Holdings, Scorpio Tankers, and Finisar all posted new 52-week lows on Monday.
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December 4, 2017: Here are four stocks trading with heavy volume among 49 equities making new 52-week lows in Monday’s session. On the NYSE decliners led advancers by 31 issues and on the Nasdaq, decliners led advancers by about 8 to 7.
Biolase Inc. (NASDAQ: BIOL) dropped about 44% Monday to post a new 52-week low of $0.28 after closing at $0.50 on Friday. The 52-week high is $1.90. Volume was around 7 million, about nearly 60 times the daily average of around 123,000. The dental laser company concluded an over-subscribed rights offering last Thursday.
GNC Holdings Inc. (NYSE: GNC) dropped about 6.5% Monday to post a new 52-week low of $5.04 after closing at $5.39 on Friday. The 52-week high is $14.64. Volume was around 7 million, more than double the daily average of around 2.7 million. The nutritional supplement firm cancelled a sale of senior notes and plans to explore other borrowing options to raise cash.
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Finisar Corp. (NASDAQ: FNSR) posted a new 52-week low of $17.81 Monday, down about 7.5% after closing at $19.26 on Friday. The 52-week high is $36.85. Volume was about 6.4 million, nearly double the daily average of around 3.4 million shares. The optical technology company had no specific news.
Scorpio Tankers Inc. (NYSE: STNG) dropped 1 cent Monday to post a new 52-week low of $3.06 after closing at $3.07 on Friday. The stock’s 52-week high is $4.93. Volume of around 4.2 million about 5% above the daily average. The shipping firm priced a secondary offering of 30 million shares at $3.00 a share late last week.
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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.
