Thursday, March 19, 2020
Coronavirus Crash Reduces 18 Major Companies To Penny Stocks
The Coronavirus market crash is doing the unspeakable: Turning major stocks into pennies.
All told, 18 stocks in the broad S&P 1500, including consumer discretionary J.C. Penney (JCP), energy firms like Denbury Resources (DNR) and real estate firm CBL & Associates (CBL), are now trading for less than a buck. The S&P 1500 is a collection of small stocks in the S&P 600, midsize S&P 400 and large S&P 500 companies.
All the S&P 1500 trading for less than $1 were admittedly damaged goods ahead of the coronavirus market crash. Even before the crash, the average share price of the 18 was just 2.87.
But this coronavirus market crash is showing even weak stocks can get decimated further. These 18 S&P 1500 stocks are down another 80%, on average, this year. Read more >>