The All Ordinaries (Index:^AORD) (ASX: XAO) managed to eek out a gain of just 0.3% today, despite soaring in early trade on the back of strong gains on Wall Street overnight.
These 5 stocks saw their share prices hammered…
Ashley Services Group Ltd (ASX: ASH) share price plunged 17.1% to $0.31, after the recruitment, training and hire company announced several board changes, a strategic review and a profit forecast downgrade. Ashley now expects net profit after tax before intangible amortisation to be at least 10% below its previous forecast to the market – hence the strategic review and board changes.
Mobile Embrace Ltd (ASX: MBE) saw its share price plummet 15.6% to $0.19 after it reported that it had received a claim against one of its subsidiaries for $4 million for monies allegedly owning from a digital video advertising supply, inventory, services and technology agreement with a third party. The company denies the claim and says it will be ‘vigorously defending’ it while filing a cross-claim.
Origin Energy Ltd (ASX: ORG) saw its share price drop 8.9% to $5.56 after coming out of a trading halt from a highly discounted capital raising. The oil & gas producer, and wholesale and retail energy supplier is attempting to raise $2.5 billion in new capital to shore up its balance sheet, following ratings agencies’ decision to cut the company’s credit rating to just above junk status.
Surfstitch Group Ltd (ASX: SRF) share price dropped 7.3% to $1.39 and have now fallen 18% in the past month. The online surf, skate and ski wear retailer may be falling victim to weak Australian sales, although renowned small cap fund manager Pie Funds recently added the company to its portfolio, as we reported last month. Today’s price might be an opportunity to buy shares at a cheaper price than Pie.
Panorama Synergy Limited’s (ASX: PSY) share price fell 5.4% to $0.17. Shares in the tech company can be highly volatile due to low liquidity. Panorama Synergy is developing a reader which can capture the output from microelectromechanical systems (MEMS). The company has plenty of potential and could be worth multiples of its current price – but that might be in many years’ time or not at all. It’s currently a high-risk speculative gamble and Foolish readers might want to wait for more results to flow under the bridge before diving in.
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Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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.