Alibaba, Snap Stumble into Thursday’s 52-Week Low Club
Alibaba, Snap, Rite Aid, and Applied Materials all posted new 52-week lows Thursday.
September 6, 2018: Here are four stocks trading with heavy volume among 140 equities making new 52-week lows in Thursday’s session. On the NYSE decliners led advancers by about 1.41 to 1, and on the Nasdaq, decliners led advancers by about 1.73 to 1.
Snap Inc. (NYSE: SNAP) traded down about 4.8% Thursday and posted a new 52-week (and all-time) low of $9.62 after closing Wednesday at $10.11. The stock’s 52-week high is $21.22. Volume was about 40% above the daily average of around 20.1 million. The company launched a new version of its Spectacles camera glasses Wednesday morning, but investors couldn’t have cared less.
Alibaba Group Holding Ltd. (NYSE: BABA) traded down about 3.4% Thursday to set a new 52-week low of $158.70 after closing at $164.23 on Wednesday. The stock’s 52-week high is $211.70. Volume was about 35% higher than the daily average of around 20.8 million. The company had no specific news.
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Rite Aid Corp. (NYSE: RAD) traded down about 7.4% Thursday to post a new 52-week low of $1.25 after closing Wednesday at $1.35. The stock’s 52-week high is $2.80. Volume was closing in on double the daily average of around 15.5 million shares. Goldman Sachs stuck a Sell rating and price target of $1.00 on the stock this morning.
Applied Materials Inc. (NASDAQ: AMAT) dropped about 5.3% Thursday to set a new 52-week low of $40.25. Shares closed at $42.50 on Wednesday and the stock’s 52-week high is $62.40. Volume totaled around 19million, about 40% below the daily average. The semiconductor equipment maker is turning into an over-priced house in a declining neighborhood.
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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.
