Barrick Gold Corp. (NYSE: ABX) posted a new 52-week low on Tuesday of $10.28. Based on Monday night’s closing price of $10.45 that’s a drop of about 1.6%. The stock’s 52-week high is $21.45. Trading was about 30% higher than the stock’s average daily volume of around 15 million shares traded. Credit Suisse lowered the stock’s price target from $16 to $13 and kept a Neutral rating. Gold traded below $1,200 an ounce today.
ConocoPhillips (NYSE: COP) dropped about 1.4% Tuesday to post a new 52-week low of $60.84 before rising to an intraday high of $64.98. The stock’s 52-week high is $87.09. Volume rose to about 25% above the daily average of around 8 million shares. The world’s largest oil & gas exploration & production company was among a consortium of three oil companies that offered a massive $559 million bid for exploration rights to a deepwater field offshore of Newfoundland and Labrador. Oil stocks in general behaved the same way today: starting low and shifting into a higher gear later in the morning.
MGM International Inc. (NYSE: MGM) posted a drop of 5.2% today to establish a new 52-week low of $18.79 against a high of $28.75. Volume was more than double the daily average of around 10 million shares. The company reached an agreement related to a lawsuit over the CityCenter development in Las Vegas.
Sprint Corp. (NYSE: S) dropped about 5.4% on Tuesday to post a new 52-week low of $3.83 after closing at $4.05 on Monday. The stock’s 52-week high is $11.47. Share volume is 15% above the 23 million daily average shares traded. A report is out that the FCC is seeking a $105 million fine from Sprint for billing customers for unwanted services, a practice known as “cramming” in the industry.
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