Morgan Stanley (NYSE: MS) dropped about 4.3% on Friday to post a new 52-week low at $30.15 after closing at $31.50 on Thursday. The stock’s 52-week high is $41.04. Share volume was 70% above the daily average of around 4.7 million. This morning’s non-farm payroll report put a damper on the idea that the Fed would raise interest rates soon. Does it go without saying that low interest rates are not good for bankers.
Regions Financial Corp. (NYSE: RF) posted a new 52-week low on Friday. Shares dropped about 5.4% to a low of $8.54 from Thursday’s closing price of $9.03. The stock’s 52-week high is $10.87. Volume was about equal to the daily average of around 17.6 million. Another big financial institution that suffers more the longer interest rates stay low.
United States Steel Corp. (NYSE: X) dropped about 2.5% on Friday to post a new 52-week low of $9.66 against a 52-week high of $42.25. The stock closed at $9.91 on Thursday night. Volume is about equal to the daily average of around 11.8 million shares traded. The company had no specific news again today, but low steel prices are not improving.
Noble Corp. plc (NYSE: NE) dropped about 2.5% on Friday to post a new 52-week low of $10.34 against a 52-week high of $22.35. The stock closed at $10.61 on Thursday night. Volume was about equal to the daily average of around 10.5 million shares traded. Shares recovered to trade about 7.7% higher in the last half-hour of Friday’s trading session as oil prices rose for the day.
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