Sprint Corp. (NYSE: S) posted a new 52-week low on Wednesday of $4.22. Based on Tuesday night’s closing price of $4.57 that’s a drop of about 7.7%. The stock’s 52-week high is $11.47. Trading has surpassed a level 50% higher than the stock’s average daily volume of about 26 million shares trade. The stock was downgraded Underperform at Oppenheimer this morning after posting a new low on Tuesday following announcements of a profit squeeze at competitors Verizon and AT&T.
SeaDrill Ltd. (NYSE: SDRL) dropped about 7.4% Wednesday to post a new 52-week low of $11.27. The stock’s 52-week high is $41.29. Volume is about 50% higher than the daily average of around 12 million shares. Even a short-lived dividend yield of 32.5% (that’s not a typo) can’t overcome the blizzard of shareholder lawsuits that have been filed against the offshore driller since it said last month that it would suspend its dividend and use the cash to reduce debt.
Schlumberger Ltd. (NYSE: SLB) posted a drop of about 3.9% today to establish a new 52-week low of $82.13 against a high of $118.76. Volume is about equal to the daily average of around 9.5 million shares. The stock was downgraded to Hold at Jefferies on Tuesday and falling crude prices today just greased the skids.
Weatherford International Inc. (NYSE: WFT) dropped about 7.8% on Wednesday to post a new 52-week low of $10.90 after closing at $11.82 on Tuesday. The stock’s 52-week high is $24.88. Share volume is nearly 50% higher than the 10 million daily average shares traded. Another oilfield services firm that is tumbling on lower oil prices. The sale of its drilling fluids business to Berkshire Hathaway will help the company reduce its debt-laden balance sheet, but that hasn’t been enough to overcome the overall doldrums in the oil business.
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