In what seems a rare occasion these days, the All Ordinaries (Index: ^AORD) (ASX: XAO) has managed to post a 0.2% rise on the ASX today.
But that didn't help these four stocks, which were heavily sold off…
Education provider Vocation Ltd (ASX: VET) dropped 15.1% to 22.5 cents, and has now lost 89% in the past year. But the market may have oversold the company – as we discussed earlier today. At these prices, the company is trading on just over two times 2015 financial year earnings before interest, tax, depreciation and amortisation (EBITDA), expected to be between $25 million and $30 million. Total market cap is $61 million.
Travel agent Helloworld Ltd (ASX: HLO) sank 11.8% to 30 cents, but shares did jump as much as 50% last week to 39 cents, after the company announced that it had been appointed as the sole provider of travel management services to the Australian government. It may simply be a case of long time shareholders taking the opportunity to jump out of the stock, which once traded above $3.70.
Mining services company Boart Longyear Limited (ASX: BLY) fell 11.1% to 16 cents, after the company said demand for its drilling services was unlikely to rise in the next twelve months. Boart has managed to recapitalise itself, but heavy exposure to copper and gold exploration mean the company is not out of the woods yet. CEO Richard O'Brien says exploration for those two metals continues to dry up.
Junior biotech Novagen Limited (ASX: NRT) dropped 30% to 11.5 cents, after rising 96% yesterday, and adding 63% earlier today. It's certainly been a rollercoaster for shareholders, after the company announced it had made a breakthrough in the treatment of melanoma, and then capitalising on the rocketing share price, announced a capital raising.
