IBM, General Electric Drop into Wednesday’s 52-Week Low Club
IBM, General Electric, McDermott International, and Clovis Oncology all posted new 52-week lows Wednesday.
October 31, 2018: Here are four stocks trading with heavy volume among 159 equities making new 52-week lows by late afternoon on Wednesday. On the NYSE advancers lead decliners by about 2.2 to 1, and on the Nasdaq, advancers lead decliners by about 2.03 to 1.
General Electric Co. (NYSE: GE) traded down about 3.7% Wednesday and posted a new 52-week low of $9.80 after closing Tuesday at $10.18. The stock’s 52-week high is $20.75. Volume was about double the daily average of around 78.7 million. The company’s slashed dividend continues to reverberate among analysts and investors.
McDermott International Inc. (NYSE: MDR) traded down about 46% Wednesday to post a new 52-week low of $6.97 after closing Tuesday at $12.87. The stock’s 52-week high is $27.21. Volume was about 17 times the daily average of around 2.2 million shares. The company missed expectations Tuesday evening and an analyst downgrade this morning drew a line under the miss.
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International Business Machines Corp. (NYSE: IBM) traded down about 1.1% Wednesday to set a new 52-week low of $114.09 after closing at $115.40 on Tuesday. The stock’s 52-week high is $171.13. Volume was about three times the daily average of around 5.5 million. The company had no specific news, but the Red Hat acquisition is not making a lot of new friends.
Clovis Oncology Inc. (NASDAQ: CLVS) dropped about 30% Wednesday to set a new 52-week low of $11.64. Shares closed at $16.61 on Tuesday and the stock’s 52-week high is $76.18. Volume was more than 10 times the daily average of around 1.7 million. The company missed estimates last night.
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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.