Welbilt, Clearside Biomedical Dive into Monday’s 52-Week Low Club
Welbilt, Clearside Medical, American Axle and Hi-Crush all posted new 52-week lows Monday.
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November 5, 2018: Here are four stocks trading with heavy volume among 74 equities making new 52-week lows on Monday. On the NYSE advancers led decliners by about 1.44 to 1, and on the Nasdaq, decliners led advancers by 1,572 issues to 1,522.
Welbilt Inc. (NYSE: WBT) traded down about 27% Monday and posted a new 52-week low of $14.08 after closing Friday at $19.32. The stock’s 52-week high is $23.85. Volume was about seven times the daily average of around 1 million. The maker of food services equipment reported poor quarterly results and worse guidance.
Clearside Biomedical Inc. (NASDAQ: CLSD) traded down about 63% Monday to set a new 52-week low of $2.05 after closing Friday at $5.56. The stock’s 52-week high is $15.33. Volume was nearly 30 times the daily average of around 250,000. The company announced that phase 3 study of its treatment for eye diseases did not meet its primary endpoint.
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American Axle & Manufacturing Holdings Inc. (NYSE: AXL) traded down about 2% Monday to set a new 52-week low of $11.26 after closing at $11.49 on Friday. The stock’s 52-week high is $19.63. Volume was about more than double the daily average of around 2 million. The company missed profit estimates this morning and lowered its EBITDA margin estimate for the current quarter.
Hi-Crush Partners Ltd. (NYSE: HCLP) dropped about 6% Monday to set a new 52-week low of $6.24. Shares closed at $6.85 on Friday and the stock’s 52-week high is $16.65. Volume was about 50% above the daily average of around 2.1 million. The company had no specific news and Barclays on Friday cut its rating on the stock from Equal Weight to Underweight and Jefferies dropped its price target from $6 to $5.
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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.