Bank of America, Citigroup Tumble into Thursday’s 52-Week Low Club
Bank of America, General Electric, Citigroup, and Wells Fargo all posted new 52-week lows Thursday.
December 6, 2018: Here are four stocks trading with heavy volume among 729 equities making new 52-week lows on Thursday. On the NYSE, decliners led advancers by about 1.67 to 1 and decliners also led advancers on the Nasdaq by about 1.63 to 1.
All three major indexes are on track to post losses of varying, and relatively small sizes today after a horrible start. Crude oil traded down about 2.7% on the day to settle at $51.49 a barrel. Gold settled up just $1.00 at $1,243.60.
Bank of America Corp. (NYSE: BAC) dropped about 4.8% Thursday to set a new 52-week low of $25.54. Shares closed at $26.84 on Wednesday and the stock’s 52-week high is $33.05. Volume was about 70% higher than the daily average of around 63 million. The financial services sector as a whole was beaten up badly Thursday as an inverted yield curve threatens.
General Electric Co. (NYSE: GE) traded down about 1.8% Thursday and posted a new 52-week low of $7.15 after closing Wednesday at $7.28. The stock’s 52-week high is $19.39. Volume was about 20% below the daily average of around 120 million. The company had no specific news, and shares have reversed direction to be on track for a small gain for the day.
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Citigroup Inc. (NYSE: C) traded down about 6.2% at $58.37 Thursday after closing at $62.26 on Wednesday. The stock’s 52-week high is $80.70. Volume was nearly double the daily average of around 17 million. The big bank had no specific news Thursday.
Wells Fargo & Co. (NYSE: WFC) traded down about 3.4% at $50.02 Thursday after closing at $51.78 on Wednesday. The stock’s 52-week high is $66.31 and volume was about 50% higher than the daily average of around 21 million. The Federal Reserve rejected the bank’s reform plan, preventing Wells Fargo from increasing its assets.
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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.