February 24, 2016: Here are four stocks trading with heavy volume among 119 equities making new 52-week lows today.
Avis Budget Group Inc. (NASDAQ: CAR) dropped nearly 27% on Wednesday to post a new 52-week low of $21.95 against a 52-week high of $62.23. The stock closed at $29.99 on Tuesday night. Volume rose to around 22 million shares, nearly 10 times the stock’s daily average volume of around 2.6 million. The rental car company missed revenue estimates and offered weak guidance.
Whiting Petroleum Corp. (NYSE: WLL) posted a new 52-week low on Wednesday. Shares traded at a low of $3.61, down about 8.4%, after closing at $3.94 on Tuesday. The stock’s 52-week high is $41.57. Volume totaled about 25% more than the daily average of around 17.6 million shares. The oil producer reports earnings after markets close today, and expectations are not high.
Transocean Ltd. (NYSE: RIG) fell by about 10% on Wednesday to post a new 52-week low of $5.42 against a high of $21.90. The stock closed at $8.54 on Tuesday night. Volume rose to about 18 million, more than 50% above the daily average of about 11 million shares traded. The offshore driller said on Tuesday that an Exxon subsidiary is cancelling a rig contract early.
Fitbit Inc. (NYSE: FIT) dropped by nearly 9% on Wednesday to post a new 52-week low at $11.92 after closing at $13.08 on Tuesday. The stock’s 52-week high is $51.90. Share volume totaled more than double the daily average of about 7.2 million shares traded. Analysts at Barclays cut the stock’s price target this morning.
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