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General Electric, Bank of America Set Up Camp in Friday's 52-Week Low Club
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December 7, 2018: Here are four stocks trading with heavy volume among 367 equities making new 52-week lows on Friday. On the NYSE, decliners led advancers by about 2.45 to 1 and decliners also led advancers on the Nasdaq by about 2.87 to 1.
All three major indexes are on track to post losses of about 2.5% or more as investors go back to worrying about international trade. Crude oil traded up about 2.2% on the day (up 3.3% for the week) to settle at $52.61 a barrel. Gold settled up 0.7% at $1,252.60 (up 2.2% for the week).
Bank of America Corp. (NYSE: BAC) dropped about 3.7% Friday to set a new 52-week low of $25.30. Shares closed at $26.28 on Thursday and the stock’s 52-week high is $33.05. Volume was about 20% higher than the daily average of around 64.6 million. The big bank had no specific news Friday.
General Electric Co. (NYSE: GE) traded down about 4.4% Friday and posted a new 52-week low of $7.03 after closing Thursday at $7.35. The stock’s 52-week high is $19.39. Volume was about 40% higher than the daily average of around 121 million. The company’s board made official a $0.01 quarterly dividend that was first announced in October.
Akorn Inc. (NASDAQ: AKRX) traded down nearly 37% to post a new 52-week low of $3.54 Friday after closing at $5.59 on Thursday. The stock’s 52-week high is $33.63 and volume was about seven times the daily average of around 3.6 million. A U.S. appeals court upheld a decision allowing German firm Fresenius to walk away from its planned $4.8 billion takeover of Akorn.
Citigroup Inc. (NYSE: C) traded down about 3.2% at $58.14 Friday after closing at $60.06 on Thursday. The stock’s 52-week high is $80.70. Volume was slightly above the daily average of around 17.3 million. The big bank had no specific news.
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