The shares of Xero Limited (ASX: XRO) may have raced away to a 52-week high on Monday, but not all shares were so fortunate.
In fact, the three shares below drifted to a 52-week low. Here's what you need to know:
The Amcor Limited (ASX: AMC) share price hit a 52-week low of $13.12 on Monday. Investors have been selling the packaging giant's shares amid concerns over rising raw materials costs and weakness in its North and Latin America businesses. This led the company to modestly lower its FY 2018 outlook at the Macquarie Australia conference last week. While I think a lot of this has now been built into its share price, I would suggest investors wait for signs of improvement before buying shares.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price fell to a 52-week low of $2.19 on Monday after the surprise withdrawal of its earnings and fee earning assets under management (FEAUM) guidance for FY 2018. I suspect that many in the market now believe that the Glaucus short seller report was on the money. As cheap as its shares may look, I think investors ought to give it a wide berth. After all, it looked cheap on paper at $5.00 and here we are today 50% lower than that price.
The InvoCare Limited (ASX: IVC) share price touched on a 52-week low of $11.40 on Monday. Investors continue to head to the exits after last week's disappointing trading update which revealed a downgraded to its earnings guidance. I can't say I'm surprised that investors are closing positions in a hurry. With operating earnings per share expected to decline in FY 2018, I think InvoCare is expensive at 21x trailing earnings. A broker note out of Deutsche Bank may also be weighing on the funerals company's shares. It slapped a sell rating and $10.80 price target on InvoCare last week.
