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General Electric, AT&T Tumble into Thursday's 52-Week Low Club
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September 7, 2017: Here are four stocks trading with heavy volume among 96 equities making new 52-week lows in Thursday’s session. On the NYSE, advancers and decliners traded approximately evenly and on the Nasdaq decliners led advancers by about 15 to 14.
General Electric Co. (NYSE: GE) posted a new 52-week low of $23.83 on Thursday, down about 4.4% from Wednesday’s closing price of $24.92. The stock’s 52-week high is $32.38. Volume totaled around 63 million shares, about 70% above the daily average. The company sold its remaining stake in Penske Truck Leasing, but a Morgan Stanley analyst reiterated an Underweight rating and a price target of $22 to cause most of the damage.
AT&T Inc. (NYSE: T) dropped about 2.7% Thursday to post a new 52-week low of $35.59 after closing at $36.57 on Wednesday. The 52-week high is $43.03. Volume was around 40 million, approaching double the daily average. The company had no specific news, but competitor T-Mobile announced a free Netflix subscription to new subscribers and in the cutthroat world of mobile networks, that’s a big deal.
Whiting Petroleum Corp. (NYSE: WLL) dropped about 9.3% Thursday to post a new 52-week low of $4.18 after closing Wednesday at $4.61. The 52-week high is $13.39. Volume of around 27 million shares traded was about 30% above the daily average. The company this morning announced a reverse stock split in a whole-number ratio of between 1-for-2 and 1-for-6. These always play poorly with investors.
Hewlett Packard Enterprise Co. (NYSE: HPE) dropped about 3.6% Thursday to post a new 52-week low of $13.28 after closing at $13.77 on Wednesday. The stock’s 52-week high is $19.16. Volume of around 20 million was about 50% above the daily average. The company reported earnings Tuesday night, but the better-than -expected results couldn’t keep the stock from dipping in subsequent trading.
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