Edison, GlaxoSmithKline Drop into Wednesday’s 52-Week Low Club
OSI Systems, Edison International, Cemex, and GlaxoSmithKline all posted new 52-week lows Wednesday.
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December 6, 2017: Here are four stocks trading with heavy volume among 121 equities making new 52-week lows in Wednesday’s session. On the NYSE decliners led advancers by about 3 to 2 and on the Nasdaq, decliners led advancers by more than 9 to 5.
OSI Systems Inc. (NASDAQ: OSIS) dropped 36% Wednesday to post a new 52-week low of $53.80 after closing at $84.07 on Tuesday. The 52-week high is $96.64. Volume was around 9 million, around 6 times the daily average of about 155,000. Short seller Muddy Waters called OSI “rotten to the core” in a new report this morning.
Edison International (NYSE: EIX) posted a new 52-week low of $67.83 Wednesday, down 3% after closing at $70.00 on Tuesday. The 52-week high is $83.38. Volume was about 7.8 million, more than four times the daily average of around 1.9 million shares. The auto parts maker spun out of Delphi Automotive this morning to become a standalone engine and components company. The rapidly spreading wildfire in Southern California has knocked out a portion of the company’s Southern California Edison service.
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Cemex SAB de CV (NYSE: CX) dropped about 1.8% Wednesday to post a new 52-week low of $7.16 after closing at $7.29 on Tuesday. The 52-week high is $10.37. Volume was around 7 million, about 20% below the daily average of around 9.5. The Mexico-based cement company had no specific news.
GlaxoSmithKline plc (NYSE: GSK) dropped about 1% Wednesday to post a new 52-week low of $34.52 after closing at $34.86 on Tuesday. The stock’s 52-week high is $44.54. Volume of around 4.8 million was about equal to the daily average. The company’s HIV drug is being challenged by a potentially better drug from competitor Gilead Sciences.
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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.
