Chesapeake Energy Corp. (NYSE: CHK) dropped about 2.4% on Monday to post a new 52-week low of $13.47 after closing at $13.80 on Friday. The stock’s 52-week high is $29.92. Share volume was 15% below the daily average of around 17.8 million shares traded. Chesapeake fell victim to today’s six-year low in crude prices.
Cliffs Natural Resources Inc. (NYSE: CLF) dropped about 8.3% on Monday to post a new 52-week low of $4.53 against a 52-week high of $21.25. Shares closed at $4.94 Friday night. Volume was about 20% below the daily average of around 9 million shares. The iron ore miner continues to fight weakness in the market and the company’s call for miners to restrict production is virtually certain to fall on deaf ears.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) posted a new 52-week low on Monday. Shares dropped about 4.6% to $20.41 from Friday’s closing price of $21.40. The stock’s 52-week high is $43.00. Volume is about equal to the daily average of around 4 million shares. The Macau economy is following (or maybe, now, leading) casino and resort stocks on a downward slide that shows no indication of stopping any time soon.
SeaDrill Ltd. (NYSE: SDRL) dropped about 5.9% on Monday to post a new 52-week low of $8.58 after closing at $9.12 on Friday. The stock’s 52-week high is $40.44. Share volume was about 10% above the daily average of around 14.5 million shares traded. The company is having some difficulty renewing a contract in Russia, and that could cost SeaDrill $1 billion in revenue.
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