Marvell Technology Group Ltd. (NASDAQ: MRVL) dropped more than 22% on Friday to post a new 52-week low of $8.21 against a 52-week high of $16.78. The stock closed at $10.55 on Thursday night. Volume is about 6 times the daily average of around 6 million shares traded. The company said today it is conducting an internal investigation of its second-quarter results. Marvell also posted a big net loss.
Petroleo Brasileiro SA (NYSE: PBR) posted a new 52-week low on Friday. Shares dropped about 6.8% to a low of $4.52 from Thursday’s closing price of $4.85. The stock’s 52-week high is $18.09. Volume totaled about 20% more than the daily average of around 31 million. The company’s debt was downgraded at S&P this morning.
Avon Products Inc. (NYSE: AVP) dropped more than 19% on Friday to post a new 52-week low at $3.31 after closing at $4.10 on Thursday. The stock’s 52-week high is $13.72. Share volume was more than 4 times the daily average of around 8 million. There is apparently no white knight riding to the company’s rescue and there are serious concerns about the cosmetics maker’s cash flow.
Barrick Gold Corp. (NYSE: ABX) dropped about 4.2% on Friday to set a new 52-week low of $5.95 after closing at $6.21 on Thursday. The stock’s 52-week high is $16.96. Share volume totaled around 19 million shares, about equal to the daily average of around 20 million. The company had no specific news today, but gold settled down 0.5% on the day and 1.6% for the week, its third losing week in a row.
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