While the likes of A2 Milk Company Ltd (ASX: A2M) and Flight Centre Travel Group Ltd (ASX: FLT) may have raced away to all-time highs today, not all shares have been so lucky. In fact, the three shares listed below have fallen to 52-week lows or worse during trade on Thursday. Here’s why: The Myer Holdings Ltd (ASX: MYR) share price has fallen 5% to a new low of 49 cents this morning. The shares of the embattled retailer continue to come under pressure after a series of profit downgrades led to the resignation of its CEO. And although Solomon…
You can continue reading this story now by entering your email below
In fact, the three shares listed below have fallen to 52-week lows or worse during trade on Thursday. Here’s why:
The Myer Holdings Ltd (ASX: MYR) share price has fallen 5% to a new low of 49 cents this morning. The shares of the embattled retailer continue to come under pressure after a series of profit downgrades led to the resignation of its CEO. And although Solomon Lew is attempting to gain enough support to throw out the current board, judging by its share price performance, investors don’t appear to believe that a new board will fix its issues. Nor do I, unfortunately. I think department stores are a thing of the past now and investors should stay clear of Myer’s shares.
The Steadfast Group Ltd (ASX: SDF) share price dropped to a 52-week low of $2.33. The general insurance broker’s shares have fallen significantly this week after the release of its half-year results. Although Steadfast reported a 9.1% increase in underlying earnings thanks to record gross written premium growth, investors appear to be concerned by its reported figure. Reported net profit after tax fell 11% to $33.8 million due to lower non-trading gains. Whilst it looks a lot better value now, it’s not an area of the market that I find attractive.
The Slater & Gordon Limited (ASX: SGH) share price touched on a new low of $2.29 this morning. Shareholders have been heading to the exits in their droves since the struggling law firm appeared to warn that its share price was overvalued earlier this month. It stated that it “notes the current share price and market capitalisation of the Company and reminds shareholders that it released a significant amount of information to the market in connection with its recently completed recapitalisation transaction.” I suggest investors take heed of this warning.
Instead of risking money in Slater and Gordon I would suggest investors snap up these explosive growth shares.
For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..
But knowing which blue chips to buy, and when, can be fraught with danger.
The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."
Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.
The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.
Click here to claim your free report.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of A2 Milk. 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.