PG&E, AxoGen Tumble into Tuesday’s 52-Week Low Club
PG&E, La Jolla Pharmaceuticals, AxoGen, and Maxar Technologies all posted new 52-week lows Tuesday.
January 8, 2019: Here are four stocks trading with heavy volume among just 18 equities trading at new 52-week lows Tuesday. On the NYSE, advancers led decliners by about 3.1 to 1 and advancers led decliners on the Nasdaq by about 1.97 to 1.
The three major indexes are all on track to post gains of about 1% in Tuesday’s trading session. Crude oil traded up about 2.6% on the day to settle at $49.78 a barrel. Gold settled down about 0.3% at $1,285.90 for the day.
PG&E Corp. (NYSE: PCG | PCG Price Prediction) traded down about 16.7% Tuesday and posted a new 52-week low of $15.78 after closing Monday at $18.95. The stock’s 52-week high is $49.42. Volume was about more than double the daily average of around 12 million. The company is reported to be considering bankruptcy protection and S&P today cut the utilities’ bond rating to junk levels.
Maxar Technologies Ltd. (NYSE: MAXR) traded down about 37% to post a new 52-week low of $5.04 Tuesday after closing at $8.03 on Monday. The stock’s 52-week high is $64.00 and volume was about 14 times the daily average of around 700,000. The company said yesterday that one of its satellites has failed and cannot be recovered.
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La Jolla Pharmaceutical Co. (NASDAQ: LJPC) dropped about 4.4% Tuesday to set a new 52-week low of $5.01. Shares closed at $5.24 on Monday and the stock’s 52-week high is $41.36. Volume was nearly 14 times the daily average of around 550,000. The company warned Monday morning that revenue would drop to about half of previous analyst projections.
AxoGen Inc. (NASDAQ: AXGN) traded down about 8.3% to post a new 52-week low of $15.01 Tuesday after closing at $16.37 on Monday. The stock’s 52-week high is $56.85. Volume was more than three times the daily average of around 700,000. The company announced preliminary quarterly results Monday morning that apparently didn’t live up to expectations.
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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.