In the last 30 days the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has performed strongly, gaining over 4% and bringing the year-to-date return into positive territory again.

Unfortunately the same can’t be said for some shares on the index which have had a less than impressive 30 days. The following three shares have given their shareholders a bit of a headache during this time. Here’s why:

Cardno Limited (ASX: CDD)

Cardno shares have been under a lot of selling pressure since the leading infrastructure and environmental services provider released an update to the market revealing a significant drop in its earnings guidance for the full year.

Its update means that the company now expects full year earnings before interest, tax, depreciation and amortisation to come in between $40 million and $45 million. Quite a reduction on prior guidance of between $65 million to $70 million.

This is a result of Cardno continuing to face headwinds from its exposure to the energy sectors which are still operating at lower levels than has previously been the case. Compounding this was the news that Cardno may need to undertake a capital raising to ensure the company stays within its bank leverage covenants.

It will hardly come as a surprise that the shares have dropped by over 20% in the last 30 days. Personally, I would stay away from this one until any capital raising has taken place.

Kathmandu Holdings Ltd (ASX: KMD)

Kathmandu shareholders have had to endure a terrible 30 days which has seen its share price decline by almost 14%. It appears the market may fear that the retailer could have fallen victim to the unseasonably warm winter weather.

Although many apparel retailers are likely to have been affected by the warmer weather, Kathmandu does stand out as having a certain reliance on its winter sales. Poor sales during the season could negatively impact its annual results to a great degree.

If this is the case then I feel it would be unlikely to deliver the 12.3 cents earnings per share that the market is expecting. For this reason I feel it is best to avoid Kathmandu at this point in time.

Sky Network Television Ltd (ASX: SKT)

Sky Network shares are down by over 15% since this time last month because of news that the New Zealand pay TV operator is expecting to lose 45,000 residential subscribers by the end of June. Although it doesn’t expect it to impact its FY 2016 earnings, management has indicated that its FY 2017 earnings will be negatively impacted.

The arrival of Netflix in Australia and New Zealand has been a big challenge for the likes of Foxtel and Sky Network, and is likely to be the reason behind the latter’s loss of subscribers. Management seems confident that it has put a plug on subscriber losses, but I wouldn’t be willing to make an investment until I’ve seen proof of this.

Foolish takeaway

All three shares have taken a hit in the last 30 days and could be classed as being reasonably cheap right now. But I personally wouldn’t be willing to invest in any of them just yet as I feel things could still get worse. Instead I would take a look at these three shares which I believe could offer strong returns for investors over the next 12 months.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.