Investing
LendingClub, Sprint Sink into Wednesday's 52-Week Low Club
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November 8, 2017: Here are four stocks trading with heavy volume among 166 equities making new 52-week lows in Wednesday’s session. On the NYSE and the Nasdaq, decliners and advancers ended in a virtual tie.
LendingClub Corp. (NYSE: LC) dropped about 23% Wednesday to post a new 52-week low of $4.20 after closing at $5.46 on Tuesday. The 52-week high is $6.78. Volume was around 27 million, more than four times the daily average of around 6.6 million. The company reported okay results last night, but slashed guidance and said it would tighten its lending restrictions.
Sprint Corp. (NYSE: S) dropped about 2.3% Wednesday to post a new 52-week low of $5.62 after closing at $5.7 on Tuesday. The 52-week high is $9.650. Volume was around 21 million, 50% above the daily average of around 14 million. CEO Marcelo Claure said the company will accelerate investment in networks now that the deal with T-Mobile is toast. Shares are on course to add nearly 5% today.
Brookdale Senior Living Inc. (NYSE: BKD) dropped about 0.3% Wednesday to post a new 52-week low of $8.78 after closing at $9.81 on Tuesday. The stock’s 52-week high is $16.31. Volume of around 14 million was about five times the daily average. The company had no specific news, but had reported a third-quarter loss on Monday. Shares recovered nicely and are headed for a daily gain of around 9%.
Mallinckrodt plc (NYSE: MNK) dropped 5.5% Wednesday to post a new 52-week low of $19.00 after closing at $20.11 on Tuesday. The 52-week high is $68.12. Volume was around 14 million, around four times the daily average of about 2.7 million. The generic drug maker missed analysts revenue estimate on Tuesday. Shares turned around to be on track for a positive close today.
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