Investing

MIcron, Wells Fargo Plunge into Wednesday's 52-Week Low Club

December 19, 2018: Here are four stocks trading with heavy volume among 1,002 equities making new 52-week lows Wednesday. On the NYSE, decliners led advancers by about 2.75 to 1 and decliners led advancers on the Nasdaq by about 2.81 to 1.

The three major indexes are on track close the day with losses following the not-so-dovish FOMC announcement. Crude oil traded up about 2.1% on the day to settle at $47.24 a barrel after a bullish (for crude prices) U.S. inventory report. The January crude futures contract expired today. Gold settled up 0.2% at $1,256.40 but traded lower following the FOMC report.

Micron Technology Inc. (NASDAQ: MU) traded down about 8.3% Wednesday and posted a new 52-week low of $31.29 after closing Tuesday at $34.11. The stock’s 52-week high is $64.66. Volume was nearly triple the daily average of around 32 million. The chipmaker reported less-than-fabulous quarterly numbers last night and investors were less forgiving than analysts.

Chesapeake Energy Corp. (NYSE: CHK) dropped about 5.2% Wednesday to set a new 52-week low of $2.01. Shares closed at $2.12 on Tuesday and the stock’s 52-week high is $5.60. Volume was about 25% higher than the daily average of around 32.8 million. The company had no specific news.

Weatherford International plc (NYSE: WFT) traded down about 10% to post a new 52-week low of $0.35 Wednesday after closing at $0.39 on Tuesday. The stock’s 52-week high is $4.41. Volume was about 15% higher than the daily average of around 25.1 million. The oilfield services company had no specific news.

Wells Fargo & Co. (NYSE: WFC) traded down about 2.6% to post a new 52-week low of $45.30 Wednesday after closing at $46.52 on Tuesday. The stock’s 52-week high is $66.31 and volume was less than 10% above the daily average of around 23.2 million. The bank settled a class-action suit today for $480 million.