The second half of 2016 has been extremely tough for a number of shares that would have been considered ‘market darlings’ only a few months ago.

Although some investors may have already written off some of these companies, I think these four shares are worth looking at.

Vocus Communications Limited (ASX: VOC)

Vocus has seen its shares collapse by around 40% since June as investors question whether its merger with M2 Group will live up to expectations following the recent boardroom clean-out. The potential impact of the NBN has also kept some investors on the sidelines who are taking a ‘wait and see’ approach. Although this may not be a terrible idea, I think the current risk-reward equation is now in the favour of buyers. The market has already priced in a fairly mediocre outlook and a slightly better-than-expected result would see the shares re-rated.

Beacon Lighting Group Ltd (ASX: BLX)

Shares of Beacon Lighting have taken a battering since May after the company announced that its full year profits would come in significantly below market expectations as a result of weak trading conditions. The good news for investors now is that the market is pricing in a much lower rate of growth that the lighting company should be able to achieve over the medium term. Pleasingly, Beacon’s latest first quarter update was quite positive, although investors should keep in mind that the ongoing closure and liquidation of Masters could potentially have a dampening impact on sales in the short term.

Cover-More Group Ltd (ASX: CVO)

Cover-More has always been a stock that I have followed closely, although it has certainly failed to live up to my expectations over the past 12 months or so. Few excuses can be made for the poor financial results delivered in FY16, but the travel insurer is now taking steps to address this underperformance including the appointment of a new CEO, a new underwriting agreement, cost cutting measures and increasing its presence in the US with the acquisition of Travelex Insurance Services. While it may still be too early to determine whether or not these measures will be enough to turn things around, I think Cover-More is certainly on the right path to recovery and it at least deserves a spot on the watchlist of risk tolerant investors.

Blackmores Limited (ASX: BKL)

Blackmores’ first quarter result was well below market expectations, but it appears investors have looked past this based on a much better outlook for the second quarter and beyond. Despite this, the shares are still trading around 30% below their recent August highs when the company issued its surprise profit warning. Nevertheless, the company is well placed to capitalise on the rise of the Asian middle class and I would expect to see the shares trade significantly higher from here if Blackmores’ interim result reveals that strong momentum has continued into the second half of the financial year.

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Motley Fool contributor Christopher Georges owns shares of Blackmores Limited and Vocus Communications Limited. 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.