Rite Aid, J.C. Penney Crash into Friday's 52-Week Low Club

Investing

Published: January 27, 2017 4:04 pm

Last Updated: January 12, 2020 3:25 pm

January 27, 2017: Here are four stocks trading with relatively heavy volume among 45 equities making new 52-week lows in Friday’s session. On the NYSE, decliners led advancers by about 7 to 6 and on the Nasdaq decliners led advancers by about 5 to 4.

Rite Aid Corp. (NYSE: RAD) dropped about 7.7% Friday, to post a new 52-week low of $6.26 after closing at $6.78 on Thursday. The stock’s 52-week high is $8.77. Volume was more than 3 times the daily average of around 20 million shares. The company sank on new that the proposed merger with Walgreens wouldn’t get done, then the shares turned around following a report that private equity firm Cerberus would ride to the rescue.

DryShips Inc. (NASDAQ: DRYS) dropped 32% on Friday to post a new split-adjusted 52-week low of $2.02 against a 52-week high of $278.40 and a Thursday close of $2.98. Volume of around 24 million was nearly 10 times the daily average of around 2.6 million. The company had no specific news Thursday, but a 1-for-8 reverse stock split that became effective Monday and the company’s earlier decision to expand into the LPG shipping business have absolutely killed shares.

J.C. Penney Co. Inc. (NYSE: JCP) dropped about 5.8% Friday to post a new 52-week low of $6.38 after closing Thursday at $6.77. The 52-week high is $11.99. Volume of around 22 million was about 10% above the daily average of around 20 million shares traded. The weak GDP report could have played a role here as Q4 sales at Penney’s and other retailers were already known to be poor. The GDP report just put an exclamation point on that..

Colgate-Palmolive Co. (NYSE: CL) dropped about 7% on Friday to record a new 52-week low of $63.43. The stock closed at $68.24 on Thursday. Volume was nearly 4 times the daily average of around 3.5 million shares. The company reported weak sales this morning.

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