Investing
Rite Aid, Frontier Communications Tumble into Monday's 52-Week Low Club
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March 6, 2017: Here are four stocks trading with heavy volume among 111 equities making new 52-week lows in Monday’s session. On the NYSE, advancers led decliners by about 8 to 7 and on the Nasdaq decliners led advancers by about 15 to 14.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 5.6% on Monday to record a new 52-week low of $2.71 against a high of $5.85. The stock closed at $2.87 on Friday. Volume was about 70% above the daily average of around 24 million shares. The company had no specific news Monday.
DryShips Inc. (NASDAQ: DRYS) dropped about 8.8% Monday to post a new 52-week low of $1.25 after closing Friday at $1.37. Volume of more than 26 million shares was 40% above the daily average of around 18 million. The shipping firm announced this morning that it had exercised its second option to purchase a very-large gas carrier for $83.5 million.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) dropped about 5.8% Monday, to post a new 52-week low of $12.30 after closing at $13.06 on Friday. The stock’s 52-week high is $70.43. Volume was about 50% above daily average of around 16.2 million shares. The company paid down about $1.1 billion in secured term loans and now seeks to refinance and amend its existing credit agreement, borrow more money under the agreement, and issue new secured debt.
Rite Aid Corp. (NYSE: RAD) dropped about 4.6% Monday, to post a new 52-week low of $5.20 after closing at $5.45 on Friday. The stock’s 52-week high is $8.77. Volume was about 15% above the daily average of around 24.4 million shares. The company had no specific news.
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