Crown and these ASX 200 shares just crashed to multi-year lows

Crown Resorts Ltd (ASX:CWN) and these ASX 200 shares have just crashed to multi-year lows. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

With the share market in selloff mode on due to coronavirus concerns, it will come as no surprise to learn that a number of shares sank notably lower.

Three shares that fell so much they hit 52-week lows are listed below. Here's why they are down in the dumps:

Crown Resorts Ltd (ASX: CWN)

The Crown Resorts share price dropped to a multi-year low of $10.67 this morning. Investors have been selling the casino operator's shares amid concerns over the impact of the coronavirus outbreak on its business. This comes at a time when Crown is already struggling with subdued VIP play. In the first half, the company reported an 11% decline in normalised net profit after tax to $172.7 million. If the coronavirus sticks around for longer than expected, this could weigh heavily on visitor numbers and ultimately its second half profits.

G8 Education Ltd (ASX: GEM)

The G8 Education share price tumbled to a seven-year low of $1.65 today. This follows the release of the childcare centre operator's full year results on Monday. For the 12 months ended December 31, G8 Education reported a 7.2% increase in revenue to $920.1 million but a 3.9% decline in underlying net profit after tax to $76.4 million. The decline in profits was driven by a sharp increase in operating expenses due to its investment in quality, as well as the ramp‐up of its greenfield portfolio. Looking ahead, management warned that trading conditions have deteriorated due to the bushfires and coronavirus outbreak.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price sank to a multi-year low of 32 cents on Tuesday. Investors have been heading to the exits in their droves this month following the release of the pharmaceutical company's disappointing half year result. In the first half of FY 2020, Mayne Pharma posted a 17% decline in revenue to $227.2 million and a 42% decline in underlying EBITDA to $47.4 million. Sustained price deflation in the generic drugs market in the United States has weighed heavily on its performance and shows no signs of easing any time soon.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts 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.

More on Share Market News

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

Hands reaching high for a trophy with a sunset in the background.
Record Highs

The ASX 200 Index is on its way to another all-time high today. Here's why

These blue chip stocks are driving the index towards a new record today...

Read more »

Group of friends trading stocks on their phones. symbolising the 3 most traded ASX 200 shares today
Share Market News

3 ASX mining stocks topping the most-traded list in October

Chinese stimulus news and company announcements likely contributed to the higher trading activity.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

Two people tired and resting after sports race.
Broker Notes

Fundie rates 2 ASX 200 stocks in short-term pain but with long-term gain potential

Blackwattle Investment Partners sees these 2 ASX 200 stocks as worthy of a buy and hold strategy.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Megaport, Pilbara Minerals, Vysarn, and WiseTech shares are falling today

These shares are ending the week in the red. But why?

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »