Starbucks, MGM Resorts Slink into Tuesday’s 52-Week Low Club
Ambev, Starbucks, MGM Resorts, and Achaogen all posted new 52-week lows Tuesday.
June 26, 2018: Here are four stocks trading with heavy volume among 98 equities making new 52-week lows in Tuesday’s session. On the NYSE advancers led decliners by about 1.52 to 1 and on the Nasdaq, advancers led decliners by about 1.38 to 1.
Ambev SA (NYSE: ABEV) traded down about 2.9% Tuesday to post a new 52-week low of $4.72 after closing Monday at $4.84. The stock’s 52-week high is $7.43. Volume was about 10% below the daily average of around 26 million shares. The company had no specific news.
Starbucks Corp. (NYSE: SBUX) fell about 1.1% Tuesday to post a new 52-week low of $50.11. Shares closed at $50.66 on Monday. The 52-week high is $61.94. Volume of around 10 million was about 3% higher than the daily average. The company had no specific news but a rival chain is stepping in to open new stores.
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MGM Resorts International (NYSE: MGM) dropped about 2.1% Tuesday to post a new 52-week low of $28.65. Shares closed at $29.27 on Monday and the stock’s 52-week high is $38.41. Volume was about 20% below the daily average of around 9.8 million. Goldman Sachs dropped the company from its Conviction Buy list and cut its rating from Buy to Neutral.
Achaogen Inc. (NASDAQ: AKAO) traded down about 27% Tuesday and posted a new 52-week low of $8.73 after closing Monday at $12.02. The stock’s 52-week high is $25.22. Volume totaled about 8 million, nearly seven times the daily average. The FDA has sent the company a letter indicating the agency will not approve its urinary tract treatment for blood infections.
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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.
