Micron Technology Inc. (NASDAQ: MU) dropped about 19% on Friday to post a new 52-week low of $19.43 against a 52-week high of $36.59. The stock closed at $24.02 on Thursday night. Volume totaled a whopping 127 million shares, nearly 6-times the daily average of about 22.8 million. The company’s quarterly earnings report was disappointing and investors were not listening to any excuses.
Peabody Energy Corp. (NYSE: BTU) posted a new 52-week low on Friday. Shares dropped nearly 17% to a low of $1.92 from Thursday’s closing price of $2.30. The stock’s 52-week high is $16.71. Volume totaled more than 20 million shares, more than a third higher than the stock’s daily average of around 15 million. The company had no specific news today, but a pending Supreme Court ruling on coal plant closures is causing concern among investors.
Chesapeake Energy Corp. (NYSE: CHK) dropped about 0.9% on Friday to post a new 52-week low at $11.00 after closing at $11.11 on Thursday. The stock’s 52-week high is $29.92. Share volume totaled about 15 million, nearly 40% below the daily average of around 22 million shares traded. The company was downgraded by UBS yesterday and oil prices dropped again today and slipped 0.6% for the week to finish the five trading days below $60 a barrel.
Hewlett-Packard Co. (NYSE: HPQ) dropped about 3% on Friday to post a new 52-week low of $30.27 after closing at $31.21 on Thursday. The stock’s 52-week high is $41.10. Share volume totaled around 13 million shares, about 30% above the daily average of around 11 million. The company had no specific news today, so weakness in the tech sector generally must have hit HP particularly hard.
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