Macy's, DryShips Slide into Wednesday's 52-Week Low Club

January 18, 2017: Here are four stocks trading with relatively heavy volume among 40 equities making new 52-week lows in Wednesday’s session. On the NYSE, decliners led advancers by about 8 to 7 and on the Nasdaq advancers led decliners by about 5 to 4.

DryShips Inc. (NASDAQ: DRYS) dropped about 12.3% on Wednesday to post a new 52-week low of $1.42 against a 52-week high of $278.40 and a Tuesday close of $1.62. Volume of around 25 million was more than double the daily average of around 10.4 million. No news again, just a continuing slide in the share price. The stock posted a recent high of $6.00 on December 16. Since then, it has been a long downhill slide with at least 8 consecutive trading days closing at a new annual low.

Macy’s Inc. (NYSE: M) dropped about 4.66% on Wednesday to post a new 52-week low of $28.55 after closing at $29.90 on Tuesday. Volume was approaching double the daily average of about 6.7 million. A weak outlook from Target weighed on retail stocks.

Fitbit Inc. (NYSE: FIT) dropped about 3.4% Wednesday, to post a new 52-week low of $7.12 after closing at $7.37 on Tuesday. The stock’s 52-week high is $19.34. The company had no specific news.

Mallinckrodt Public Limited Company (NYSE: MNK) dropped about 13.7% Wednesday to post a new 52-week low of $42.67 after closing Tuesday at $49.42. The 52-week high is $85.83. Volume of around 6.2 million was nearly triple the daily average of around 2.2 million shares traded. The stock’s tumble came after a report in the New York Post that the U.S. Federal Trade Commission was going to file suit against the company for overpricing its treatment for lupus and multiple sclerosis. The company later announced that it had reached a settlement in the matter.