Investing
Fitbit, Frontier Communications Tumble into Thursday's 52-Week Low Club
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November 3, 2016: Here are four stocks trading with relatively heavy volume among 271 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by about 3 to 2 and on the Nasdaq decliners led advancers by about nearly 2 to 1.
Fitbit Inc. (NYSE: FIT) lost nearly 34% Thursday to post a new 52-week low of $8.37 after closing Wednesday at $12.81. The 52-week high is $38.15. Volume of about 67 million was nearly 8 times the daily average of around 8.6 million shares traded. The maker of activity monitoring devices posted dismal results after markets closed last night and the outlook was even gloomier.
Frontier Communications Corp. (NASDAQ: FTR) dropped more than 7% on Thursday to post a new 52-week low of $3.14 after closing at $3.39 on Wednesday. The stock’s 52-week high is $5.85. Volume was more than double the daily average of around 21 million shares. The company’s poor earnings have investors worried about its 10.42% dividend yield.
Weatherford International Inc. (NYSE: WFT) dropped about 4.4% on Thursday to post a new 52-week low of $3.77 against a 52-week high of $11.49. Volume of about 29 million was around 30% above the daily average of 22 million. The stock closed at $3.86 on Wednesday night. Worries continue about the company’s ability to meet the terms of its debt covenants.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) dropped about 12.7% on Thursday to post a new 52-week low of $37.82 after closing at $43.33 on Wednesday. The stock’s 52-week high is $66.55. Volume of more than 30 million was about 4 times the daily average of around 7.1 million shares. A report that the U.S. Justice Department is planning to file charges of collusion against some generic drug makers has sunk their stock Thursday.
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