LONDON -- A share price plunge of 46% enticed the private clients of stockbroker TD Direct Investing to load up on May Gurney (ISE: MAYG.L) this morning. The infrastructure services firm was the sixth-most popular pick between the market's opening and 12 noon.
The reason for such a precipitous plunge? A profit warning and the abrupt departure of the company's chief executive. It's all rather different, in short, from the mood music just three months ago, when the firm thought public-sector expenditure cuts were actually going to deliver a boost to the bottom line.
For the year ending March 31, May Gurney had seen underlying pre-tax profits climb 17% to 28.4 million pounds -- ahead of forecasts. Today, announcing the closure of some activities and severe difficulties with others, it says that it expects to "significantly underperform" in the current year. Nonetheless, despite the 46% slump in the share price, some investors evidently rate the stock a buy.
Another business that knows a bit about significant underperformance is oil giant BP (ISE: BP.L) , still suffering from the Gulf of Mexico disaster of 2010. With last month's hurricane now blowing fresh deposits of oil onto Gulf shorelines, the U.S. Justice Department has accused BP of "gross negligence and willful misconduct" in the run-up to the disaster as it gears up for a court case.
The whole thing could drag on for years, and BP continues to suffer the fall-out of its long-running dispute with its partners in its Russian oil interests. But trading at 423 pence, there's obviously enough interest in the shares to make the company the ninth-most popular buy among TD Direct Investing's private clients between the market's opening and 12 noon.
Elsewhere, bargain seekers were clearly running the rule over specialist high-tech plastics company Carclo (ISE: CAR.L) , which, after falling 6%, was the tenth-most popular buy among TD Direct Investing's private clients between the market's opening and 12 noon.
Why the drop? An RNS explaining that an order for smartphone touch sensors had been delayed, pending the resolution of "product design issues."
Finally, what are super-investors Neil Woodford and Warren Buffett buying today? We can't tell you that, but we can tell you the names of the shares they've been buying in the recent past -- and why they've been buying them.
So download this free report to discover the shares that interest Neil Woodford right now, and this free report to learn the name of the British share that Warren Buffett has been buying recently. There's no obligation, and they can be in your inbox in seconds.
Are you looking to profit as a long-term investor? "10 Steps To Making A Million In The Market" is the latest Motley Fool guide to help Britain invest. Better. We urge you to read the report today -- while it's still free and available.
Investing ideas from Malcolm Wheatley:
The article 3 Hot Stocks You Bought Today originally appeared on Fool.com.
Malcolm owns shares in BP but has no disclosable interest in any other of the shares listed.Disclaimer: The TD Direct Investing (www.tddirectinvesting.co.uk) list of Top Ten Buys should not be taken as a recommendation to buy or sell any particular bond or stock, and is not intended as any form of advice. Instead, it is simply an indication of the general buying trends among TD Direct Investing customers during the period stated.The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.