J.C. Penney, Occidental Petroleum Tumble into Friday's 52-Week Low Club

Investing

Published: February 24, 2017 4:04 pm

Last Updated: January 12, 2020 2:31 pm

February 24, 2017: Here are four stocks trading with relatively heavy volume among 85 equities making new 52-week lows in Friday’s session. On the NYSE, advancers and decliners traded evenly and on the Nasdaq decliners led advancers by about 5 to 4.

J.C. Penney Co. Inc. (NYSE: JCP) dropped 9.9% Friday to post a new 52-week low of $6.18 after closing Thursday at $6.86. The 52-week high is $11.99. Volume of more than 61 million was more than 3 times the daily average of around 20 million. The company’s results were barely okay, and closing more stores is simply another sign of continuing weakness.

Nordic American Offshore Ltd. (NYSE: NAO) dropped nearly 49% Friday, to post a new 52-week low of $1.05 after closing at $2.05 on Thursday. The stock’s 52-week high is $5.69. Volume was more than 100 times the daily average of around 90,000 shares. The company priced a secondary offering of 40 million shares at just $1.25 per share this morning.

Nevsun Resources Ltd. (NYSEMKT: NSU) dropped about 22% on Friday to record a new 52-week low of $2.29 against a high of $3.80. The stock closed at $2.94 on Thursday. Volume was more than 3 times the daily average of around 930,000 shares. The company had no specific news Friday.

Occidental Petroleum Corp. (NYSE: OXY) dropped about 1.6% Friday, to post a new 52-week low of $64.19 after closing at $65.25 on Thursday. The stock’s 52-week high is $78.48. Volume was about 15% below the daily average of around 4.7 million shares. The company had no specific news.

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