International Business Machines Corp. (NYSE: IBM) dropped more than 9% on Monday to a new 52-week low of $165.25 after closing at $182.05 on Friday evening. Share volume is more than 6-times the daily average of around 3.1 million. The tech giant posted disappointing earnings results this morning and announced that it had to pay Globalfoundries $1.5 billion to take Big Blue’s chip foundry.
SAP AG (NYSE: SAP) dropped about 7% today to post a new 52-week low of $64.10. The stock’s 52-week high is $87.42. The enterprise software company lowered its outlook despite a solid third-quarter earnings report. Trading volume is more than double the daily average of around 1 million shares traded.
Steve Madden Ltd. (NASDAQ: SHOO) posted a drop of more than 12% today to post a new 52-week low of $28.02 against a 52-week high of $39.48. Volume is more than 4-times the daily average of around 550,000 shares. The fashion shoes company issued downside guidance this morning when it released preliminary results.
Vale SA (NYSE: VALE) sank to a new 52-week low on Monday of $10.59. Based on Friday night’s closing price of $10.94 that’s a drop of about 3.2%. The stock’s 52-week high is $17.14. Trading volume is about 25% below the daily average of around 23 million shares. The mining company was hit by a Friday report from Moody’s on how an increase in iron ore production will hurt prices and earnings going forward.
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