Investing
Wells Fargo, Bristol-Myers Drop in on Monday's 52-Week Low Club
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October 3, 2016: Here are four stocks trading with relatively heavy volume among 29 equities making new 52-week lows in Monday’s session.
Wells Fargo & Co. (NYSE: WFC) lost about 1.6% Monday to post a new 52-week low of $43.56 after closing Friday at $44.28. The 52-week high is $56.34. Volume of around 28 million was about 25% above the daily average of around 23 million shares traded. The company has become the target of plenty of political sniping, including a decision by the state of Illinois to suspend some $30 billion in investment activity with the bank.
Bristol-Myers Squibb Co. (NYSE: BMY) dropped about 0.7% on Monday to post a new 52-week low of $53.56 after closing at $53.92 on Friday. The stock’s 52-week high is $77.12. Volume was about half the daily average of around 11.7 million shares. The company had no specific news Monday.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 1.2% on Monday to post a new 52-week low of $45.44 against a 52-week high of $66.55. Volume of about 6.6 million was less than 10% above the daily average of 6.2 million shares traded. The stock closed at $46.01 on Friday night. The drug maker’s stock sank on Friday and there are few reasons to anticipate a turnaround.
Mylan NV (NASDAQ: MYL)) dropped about 1.9% on Monday to post a new 52-week low of $37.41 against a 52-week high of $55.51. Volume of about 5.8 million was nearly equal to the daily average of around 6 million. The stock closed at $38.12 on Friday night. Consumer backlash and sharp political comments give investors plenty of reasons for caution here.
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