Investing
Gilead Sciences, G-III Top Wednesday's 52-Week Low Club
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August 31, 2016: Here are four stocks trading with relatively heavy volume among 27 equities making new 52-week lows in Wednesday’s session. NYSE decliners led advancers by 3 to 2 and Nasdaq decliners led advancers by slightly more than the same margin.
Gilead Sciences Inc. (NASDAQ: GILD) dropped about 0.4% on Wednesday to post a new 52-week low of $77.58 against a 52-week high of $113.31. Volume of around 6.5 million was about 35% below the daily average of around 10.2 million. The stock closed at $77.92 on Tuesday night. The company had no specific news, but MarketWatch has a report that suggests expensive hepatitis C and HIV drugs have contributed significantly to the loss of insurers for Obamacare. That means that political pressure could be brought to bear on Gilead over its pricing for these drugs.
G-III Apparel Group Ltd. (NASDAQ: GIII) dropped more than 9% on Wednesday to post a new 52-week low of $30.12 after closing at $33.14 on Tuesday. The stock’s 52-week high is $71.18. Volume was more than 6 times the daily average of around 720,000 shares. The company reported weak results and cut guidance Tuesday morning and was downgraded to Sell at Stifel this morning.
Noble Corp. plc (NYSE: NE) lost about 2.6% Wednesday to post a new 52-week low of $5.59 after closing Tuesday at $5.74. The 52-week high is $14.64. Volume of around 4 million was less than half the daily average of around 8.6 million. The company had no specific news Wednesday.
DHT Holdings Inc. (NYSE: DHT) dropped about 3.8% on Wednesday to post a new 52-week low of $4.31 against a 52-week high of $8.48. Volume of around 2.2 million was about 20% below the daily average of around 2.6 million. The stock closed at $4.48 on Tuesday night. The market for oil tankers is softening, and DHT is taking its medicine.
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