ARM Holdings plc (NASDAQ: ARMH) dropped about 9.2% today to post a new 52-week low of $37.75. The stock’s 52-week high is $55.26. The chipmaker missed expectations this morning and forecast revenues that were essentially inline with fourth quarter estimates. Trading volume is more 5-times the daily average of around 1.7 million shares traded.
International Business Machines Corp. (NYSE: IBM) dropped more than 4.3% on Tuesday to a new 52-week low of $161.68 after closing at $169.10 on Monday evening. Shares also fell 9% on Monday. Share volume is nearly 6-times the daily average of around 3.4 million. The tech giant posted disappointing earnings results Monday morning and announced that it had to pay Globalfoundries $1.5 billion to take Big Blue’s chipmaking operation.
Ocwen Financial Corp. (NYSE: OCN) posted a drop of about 29% today to post a new 52-week low of $18.57 against a 52-week high of $60.18. Volume is about 9-times the daily average of around 2.3 million shares. We’ve already covered today’s notice that the mortgage servicer has received a letter from the New York State Department of Financial Services related to backdated letters to borrowers.
Rhino Resource Partners LP (NYSE: RNO) sank to a new 52-week low on Tuesday of $4.67. Based on Monday night’s closing price of $11.89 that’s a drop of about 60%. The stock’s 52-week high is $14.65. Trading volume is about 60-times the daily average of around 50,000 shares. The coal MLP absolutely slashed its cash distribution from $0.445 per common unit to $0.05. The cut is attributed to “prolonged weakness in the coal market which has adversely affected … cash flow.”
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