As most investors know, this week was not the prettiest week the stock market has had. The S&P/ASX 200 (ASX: XJO) index started Monday at 6,584 points but finished on Friday at 6,405 – a drop of 2.7%. Of course, every cloud has a silver lining and this weeks’ is to offer up some quality ASX shares on sale.
So here are 3 quality ASX shares that you can buy next week for a lot cheaper than you could last week.
Cleanaway Waste Management Ltd (ASX: CWY)
It’s not often that a company reports revenue growth of 33% and earnings growth of 45% only to have the share price crash 15%, yet that is what happened to Cleanaway Waste this week. CWY shares started Monday trading at $2.31 but ended Friday at $2.11, so if you had your eyes on this waste management giant, now might be the time to strike.
InvoCare Ltd (ASX: IVC)
Invocare is another company who rolled out some nice earnings, only to be punished for its efforts. InvoCare reported on Thursday that its revenue was up 7% and earnings up 16.9%, yet IVC shares collapsed 8.5% on the news. I’m not sure what the market was expecting from this funeral provider, but nonetheless, lots of investors were clearly disappointed.
But this might be a buying opportunity – InvoCare has shown its quality by building huge market share in an otherwise fractured industry and (unfortunately for us all) the funeral industry isn’t going away anytime soon.
Appen Ltd (ASX: APX)
Appen was trading for $26.47 on Wednesday but by 4pm on Friday, APX shares were down to $23.04 – the lowest level since April. As one of the WAAAX stocks, Appen has long traded at a pricing premium, but many investors still believe that Appen is a bargain for what it could be in a decade. The human datasets that the company provides are an essential ingredient to the rise of artificial intelligence (AI) and ‘smart’ software like Apple‘s voice-assistant Siri and this sector definitely has a lot of room to grow (and bring Appen with it).
I firmly believe that market volatility like we have seen this week can provide the best opportunity to cement long-term returns by giving us the opportunity to pick up shares of some of our favourite companies for a discount.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended InvoCare Limited. 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 Scott Phillips.