With the market dropping sharply lower on Monday, it will come as no surprise to learn that a number of shares fell heavily.
Three shares that fell so hard they hit 52-week lows or worse are listed below. Here's why these shares are down in the dumps right now:
The Boral Limited (ASX: BLD) share price crashed to a multi-year low of $3.93 on Monday following the release of its full year results. Investors were quick to hit the sell button after the building materials company missed consensus estimates with a 7% decline in adjusted earnings per share to 37.5 cents in FY 2019 and warned of tough times to come. In FY 2020 the company expects to report a 5% to 15% drop in net profit due to a slowdown in residential construction activity in Australia.
The Corporate Travel Management Ltd (ASX: CTD) share price dropped to a two-year low of $18.50 yesterday. The corporate travel specialist has come under pressure since the release of its full year results last week. In FY 2019 the company's revenue and EBITDA came in 20% higher year on year at $446.7 million and $150.1 million, respectively. The latter was at the top end of its guidance range. Whilst this was a solid result, investors appear disappointed with its guidance for the year ahead. Management expects underlying EBITDA of between $165 million and $175 million (excluding the impact of the new accounting standards). This equates to year on year growth of just 10% to 16.6%.
The Orocobre Limited (ASX: ORE) share price sank to a multi-year low of $2.18 on Monday. A number of lithium miners tumbled to new lows this week amid concerns that prices of the battery making ingredient will stay lower for longer following the decision by industry giant SQM to increase its production significantly over the next 18 months in order to win back market share. The Chilean miner intends to do this even if it causes prices to crash lower. This appears to have ruled out any potential near-term turnaround in trading conditions for Australia's lithium miners.
