Investing
European Banks Crowd into Wednesday's 52-Week Low Club
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July 6, 2016: Here are four stocks trading with relatively heavy volume among 78 equities making new 52-week lows in Wednesday’s session. NYSE advancers led decliners by less than 2 to 1 and Nasdaq advancers led decliners by about the same margin.
Lloyds Banking Group plc (NYSE: LYG) fell by about 9.9% on Wednesday to post a new 52-week low of $2.47 against a high of $5.54. The stock closed at $2.74 on Tuesday night. Volume reached around 41 million shares, about 5 times the stock’s daily average of around 6 million. Lloyds was one of two banks singled out this morning by JPMorgan analysts as most at risk after asset managers froze withdrawals from property-based funds.
Royal Bank of Scotland Group plc (NYSE: RBS) fell by about 8.4% on Wednesday to post a new 52-week low of $3.91 against a high of $11.27. The stock closed at $4.27 on Tuesday night. Volume reached around 9.8 million shares, more than 3 times the stock’s daily average of around 2.5 million. RBS was the other bank JPMorgan warned about this morning.
Deutsche Bank AG (NYSE: DB) dropped about 6.7% on Wednesday to post a new 52-week low of $12.50 against a 52-week high of $35.38. Volume was about double the daily average of around 4.5 million. The stock closed at $13.40 on Tuesday night. The bank’s currency trading chief departed according to a report at The Wall Street Journal.
Valero Energy Corp. (NYSE: VLO) dropped about 4.9% on Wednesday to post a new 52-week low of $47.38 against a 52-week high of $73.88. Shares closed at $48.84 last night. Volume is about 60% higher than the daily average of around 5.9 million. The oil refining company had no specific news Wednesday, but gasoline prices continue falling as inventory levels remain high.
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