Alibaba, Snap Stumble into Thursday’s 52-Week Low Club
September 6, 2018 by Paul Ausick- 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.
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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.
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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