3 Stocks That Stood Out The First Week Of May
RCG Corporation (ASX:RCG)
The shoe retailer, this week announced that trading during March and April was subdued across divisions with Accent Retail and Hype performing worse than expected and wholesale businesses also performed poorly. RCG cited challenging retail conditions, something that has been echoed by other retailers recently and downgraded EBITDA guidance by 11% at the mid-point. The stock fell 27% on Monday and is now 66% from the heady days of mid-2016. Glennon Capital does not own RCG in the portfolio.
RCR Tomlinson (ASX:RCR)
The diversified engineering and infrastructure company, announced a few contracts during the week. First amongst these was a $50m contract with Canadian Solar to design and construct the Longreach Solar farm and the first stage of the Oakey Solar farm. The second, and much larger, contract came just a day later, with RCR winning $175m contract to design and construct the Darling Downs Solar Farm for APA Group. The stock rose 14%. Glennon Capital does not own RCR in the portfolio.
Vocus Group (ASX:VOC)
The telco, cut guidance again during the week, sending the stock lower by 29% over the week to a level 75% lower than it was in the middle of last year. The guidance cut follows another last November and Vocus now forecasts NPAT of $160-165m. A new CFO has curtailed some revenue recognition methodologies while the rest of the business was weaker across the board. Glennon Capital does not own VOC in the portfolio.
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Glennon Capital was founded in 2008 by Michael Glennon. Previously, Michael worked with some of the best institutional small company fund managers in Australia. In 2007, he received the IMCA Money Management Fund Manager of the Year (Small Cap)...
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