Investing
Macy's, JC Penney Crash Into Thursday's 52-Week Low Club
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May 11, 2017: Here are four stocks trading with relatively heavy volume among 105 equities making new 52-week lows in Thursday’s session. On the NYSE, decliners led advancers by nearly 3 to 2 and on the Nasdaq decliners led advancers by about 9 to 5.
Macy’s Inc. (NYSE: M) dropped about 16.8% Thursday to post a new 52-week low of $24.42 after closing at $29.34 on Wednesday. The stock’s 52-week high is $45.41. Volume of more than 40 million was more than 6 times the daily average of around 6.4 million shares traded. The department store company reported weak quarterly results this morning.
J.C. Penney Co. Inc. (NYSE: JCP) posted a new 52-week low of $5.20 on Thursday, down nearly 9% compared with Wednesday’s closing price of $5.71. The stock’s 52-week high is $11.30. Volume totaled more than 35 million shares, nearly double the daily average of 18.5 million. The company reports quarterly results Friday morning, and given Macy’s poor showing, investors aren’t expecting good news.
Frontier Communications Corp. (NASDAQ: FTR) dropped about 4.5% Thursday to post a new 52-week low of $1.26 after closing Wednesday at $1.32. The 52-week high is $5.42. Volume of around 35 million shares was about 35% below the daily average of around 49 million. The company had no specific news.
New York REIT Inc. (NYSE: NYRT) dropped about 11.8% Thursday to post a new 52-week low of $8.55 after closing at $9.69 on Wednesday. The stock’s 52-week high is $10.15. Volume was nearly 20 times the daily average of around 1.9 million shares. The company, which is in the process of liquidating its assets in New York City, announced quarterly results Wednesday afternoon, including a liquidation value of the portfolio of $9.25 per share.
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