(By Mayur Pahilajani - iStockAnalyst Writer)
Traders have been investing cautiously in the large companies on Monday as the House of Representatives decide on the fate of bailout plan. The Senate is expected to vote on the plan on Wednesday. There is also an overall negative sentiment among investors as banking sector weakens affecting other sectors.
Here is a fresh list of companies that hit a new 52-week low as U.S. crisis hits European financial markets.
Google Inc (NASDAQ GS: GOOG):
Google is in the news again with Yahoo! Inc. as they both try to smoothen things, defending its deal with Yahoo. Google launched a "facts site" carrying 17 slides explaining the significance of the four-year term deal. The deal will also allow two optional three-year renewals, which is expected to boost Yahoo's revenue by $800 million in the first 12 months of the deal. Google has been on a defensive side with Yahoo on the deal. In the last quarter, the company reported that 97 percent of total $5.37 billion revenue generated came from online advertising. Shares of Mountain View, California-based company dropped to a new 52-week low of $401.13 from $406.38 after the bell in NASDAQ Stock Market trading. At 10:42am ET, the company was trading at 6.10 percent or $26.30 lower to $404.74.
Peabody Energy Corp (NYSE: BTU):
The company tumbled as oil prices declined in New York on Monday on weak credit market condition, which may prompt lower demands. Reports said recently that the St. Louis-based company's Peabody Investments Corp., a subsidiary of coal miner, spent $1.6 million to lobby on coal and energy-related issues during the second quarter. At 11:23am ET on Monday, shares of the company were declining by 12.21 percent or $5.94 at $42.69, with a new 52-week low of $41.25 from its previous low of $42.05. It has a dividend yield of 0.56 percent.
Chesapeake Energy Corporation (NYSE: CHK):
On Monday, the Oklahoma City-based natural gas development company announced that it has decided to slash 17 drilling rigs by the end of the year. The firm also reduced its drilling budget by 17 percent, or $3.2 billion, over the next two years as natural gas prices dropped by 50 percent.
