January 8, 2016: Here are four stocks trading with heavy volume among 618 equities making new 52-week lows today.
Energy Transfer Equity LP (NYSE: ETE) fell about 7.7% on Friday to post a new 52-week low of $9.75 against a high of $35.44. The stock closed at $10.5+6 on Thursday night. Volume rose to more than 33 million, more than double the daily average of around 16 million shares traded. Moody’s announced a change to the company’s outlook from Positive to Stable in the early afternoon, but the share price did not begin to rise until mid-afternoon. The stock looks headed to end the day up nearly 4% from Thursday’s closing price.
Freeport- McMoRan Inc. (NYSE: FCX) dropped about 4.5% on Friday to post a new 52-week low of $5.36 against a 52-week high of $23.97. The stock closed at $5.61 on Thursday night. Volume topped 33 million shares, about 15% below the stock’s daily average volume of around 38 million. Analysts at Macquarie downgraded the stock from Outperform to Neutral and cut the price target from $18 to $7.30.
Marathon Oil Corp. (NYSE: MRO) dropped about 7.6% on Friday to post a new 52-week low at $9.86 after closing at $10.76 on Thursday. The stock’s 52-week high is $31.53. Share volume totaled around 28 million shares compared with the daily average of around 12 million shares traded. Lower crude oil prices get the blame for Marathon’s new low today.
American Eagle Outfitters Inc. (NYSE: AEO) posted a new low on Friday. Shares dropped about 16.6% to a low of $13.23 from Thursday’s closing price of $15.88. The stock’s 52-week high is $18.49. Volume was more than 5 times the daily average of around 5 million shares. The teen apparel retailer posted worse than expected holiday shopping results early this morning.
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