Shares of Brambles Limited (ASX: BXB) have been absolutely whacked this morning, shedding billions of dollars from the company's market value.
At the time of writing, Brambles has shed $1.80 off its share price, representing just over 14.6%, with the company now approaching its lowest share price in the past 12 months. For the record, the shares dipped as low as $10.05 in February 2016.
Here's a chart showing the stock's pain so far today:
Brambles' heavy decline came after the group released a trading update before the market opened this morning.
While you can read about the update in greater depth by clicking here, in short, the company said it had endured weakness in its North American business with both revenue and cost pressures. It now expects its constant currency sales revenue and underlying profit growth to come in below previous guidance.
In light of this downgrade, it may be best to avoid shares of Brambles, for now, and focus on other high-quality businesses on the ASX instead.
