Investing
Puma Biotech, General Electric Plummet into Friday's 52-Week Low Club
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November 2, 2018: Here are four stocks trading with heavy volume among 83 equities making new 52-week lows on Friday. On the NYSE decliners led advancers by about 2.2 to 1, and on the Nasdaq, advancers led decliners by about 1.20 to 1.
General Electric Co. (NYSE: GE) traded down about 5.3% Friday and posted a new 52-week low of $9.07 after closing Thursday at $9.58. The stock’s 52-week high is $20.75. Volume was about approaching triple the daily average of around 83 million. Fitch Ratings dropped its rating on the company by two notches to BBB+, still (just?) three notches above junk.
Encana Corp. (NYSE: ECA) traded down about 5.8% Friday to match a 52-week low of $8.44 after closing Wednesday at $8.96. The stock’s 52-week high is $14.31. Volume was about five times the daily average of around 11 million shares. The company announced a $5.5 billion acquisition on Thursday and investors have not yet stopped administering punishment.
Puma Biotechnology Inc. (NASDAQ: PBYI) traded down about 54% Friday to set a new 52-week low of $17.61 after closing at $38.60 on Thursday. The stock’s 52-week high is $136.90. Volume was about more than 20 times the daily average of around 850,000. The company’s breast cancer treatment showed disappointing results and the company’s quarterly report was not enough to pull its chestnuts out of the fire.
The Kraft Heinz Co. (NYSE: KHC) dropped about 10.2% Friday to set a new 52-week low of $50.46. Shares closed at $56.20 on Thursday and the stock’s 52-week high is $82.48. Volume was nearly three times the daily average of around 6.4 million. The company posted miserable results last night.
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