The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) soared 0.8% yesterday, closing at 5,891.5, as the market recorded its best quarter since September 2009 with a 9% gain.
But as we know, not every stock can be a winner every day, and these four stocks were heavily sold off. Here's our view.
Troubled education provider Vocation Ltd (ASX: VET) fell 13.5% to 16 cents but has still managed to double in the past week. The company has changed CEOs and has sold off assets as it attempts to keep from going under. But the company's future is not guaranteed, and it faces a number of class actions from irate shareholders. Colleague Ryan Newman covered it in more detail here.
Copper miner Tiger Resources Limited (ASX: TGS) dropped 10.7% to 5 cents, after releasing its 2014 financial results. Revenues fell from US$33 million in 2013 to just US$7.7 million, as revenues plunged thanks to lower copper prices and volumes. The miner also has more than US$176 million of debt on its balance sheet – more than triple its market cap. I outlined in January why I sold out of the company at around 31 cents.
Gage Roads Brewing Co Limited (ASX: GRB) fell 12.3% to 5 cents, and shares have now fallen 68% since the start of this year. Sales in both its contract brewing and proprietary sales both declined in the last quarter as we reported in February, and the company said it expected lower volumes going forward. It seems shareholders have been deserting the company ever since.
Mining services company Ausenco Limited (ASX: AAX) dropped 6.3% to 22.5 cents. It's almost hard to believe the company's shares were trading above $4 in 2012, and even early 2013. But the slide in mining investment in Australia, coupled with crashing commodity prices has taken its toll on those companies servicing the mining and energy industry. Unfortunately, we may not yet be at the bottom – look out below.
