January 10, 2017: Here are four stocks trading with relatively heavy volume among 22 equities making new 52-week lows in Tuesday’s session. On the NYSE, advancers led decliners by nearly 2 to 1 and on the Nasdaq advancers led decliners by about the same margin.
DryShips Inc. (NASDAQ: DRYS) dropped about 14.3% on Tuesday to post a new 52-week low of $2.34 against a 52-week high of $278.40 and a Monday close of $2.73. Volume of about 17 million was more than double the daily average of around 8.2 million. The dry bulk shipper announced Monday morning that it had exercised an option to buy the first of four very-large gas carriers at a cost of $83.5 million each as it expands into shipping LPG. Shares have lost about a third of their value since the first trading day of the new year.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) dropped nearly 11% on Tuesday to post a new 52-week low of $3.30 after closing at $3.67 on Monday. Volume was more than 3 times the daily average of about 3.7 million shares. The stock’s 52-week high is $9.02 The company said Tuesday that it has sold some of its cancer drugs to Ipsen for $1 billion.
Hhgregg Inc. (NYSE: HGG) dropped about 53% Tuesday to post a new 52-week low of $0.61 after closing Monday at $1.31. The 52-week high is $2.72. Volume of around 1.5 million was 30% above the daily average of around 2.2 million shares traded. The consumer electronics retailer announced poor preliminary results after markets closed Monday.
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Stein Mart Inc. (NASDAQ: SMRT) dropped about 8.7% Tuesday, posting a new 52-week low of $3.89 after closing at $4.26 on Monday. The stock’s 52-week high is $9.23. Another faltering retailer, but the company had no specific news.
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