November 28, 2018: Here are four stocks trading with heavy volume among 232 equities making new 52-week lows by mid-afternoon on Wednesday. On the NYSE, decliners led advancers by about 2.92 to 1 with about half an hour to go until the closing bell.
Oil prices sank more than 2% today and major indexes posted solid gains following Fed chair Powell’s dovish remarks on further interest rate hikes.
Nabors Industries Ltd. (NYSE: NBR) dropped about 6.8% Wednesday to set a new 52-week low of $3.40. Shares closed at $3.65 on Tuesday and the stock’s 52-week high is $8.87. Volume was about 50% above the daily average of around 13 million. The company had no specific news, but oilfield services companies get hurt when oil prices drop.
Chico’s FAS Inc. (NYSE: CHS) traded down almost 40% at $4.42 Wednesday after closing at $7.32 on Tuesday. The stock’s 52-week high is $10.90. Volume was approaching 10 times the daily average of around 2.8 million. The company missed earnings estimates this morning and followed up with poor guidance. The company’s brand chief is also leaving the company at the end of this week.
Encana Corp. (NYSE: ECA) traded down about 2.5% Wednesday and posted a new 52-week low of $6.70 after closing Tuesday at $6.87. The stock’s 52-week high is $14.31. Volume was about 15% below the daily average of around 18.7 million. The company had no specific news and shares have reversed course, pointing to a small gain for the day.
United States Steel Corp. (NYSE: X) traded down about 4.2% at $21.96 Wednesday after closing at $22.92 on Tuesday. The stock’s 52-week high is $47.64 and volume was about 40% higher than the daily average of around 7.2 million. The stock recovered all its loss and more and is set to close up about 1.3% for the day.