Freeport-McMoRan Inc. (NYSE: FCX) posted a new 52-week low on Wednesday of $17.85. Based on Tuesday night’s closing price of $21.04 that’s a drop of about 15.2%. The stock’s 52-week high is $39.32. Volume is more than 3-times higher than the daily average of around 15 million shares. The company had no specific news today, but copper prices have plunged from around $2.80 a pound at the end of 2014 to close today at around $2.52.
General Electric Co. (NYSE: GE) dropped about 10.5% on Wednesday to post a new 52-week low of $23.41. The stock’s 52-week high is $27.53. Volume was was about equal to the daily average of 35 million shares. The conglomerate had no specific news today.
Ocwen Financial Corp. (NYSE: OCN) dropped more than 16% on Wednesday to establish a new 52-week low at $6.51 against a high of $52.88. Volume was more than 4-times the daily average of around 5 million shares. Shares swooned yesterday nearly 40% yesterday on news that California, the company’s largest market, may suspend Ocwen’s license to collect payments in the state. Moody’s downgraded Ocwen’s and two sister companies’s corporate debt rating to B3 today on news of the dispute with California.
Phillips 66 (NYSE: PSX) dropped nearly 6.8% on Wednesday to post a new 52-week low of $57.33 after closing at $61.50 on Tuesday. The stock’s 52-week high is $87.98. Share volume is about double the daily average of around 5 million shares traded. Refining companies are being hit again today on falling crude prices, higher inventories of crude oil, and declining refinery throughput.
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