Xero shares drop to four-month low, leading growth-stocks lower

Mon, 07 Apr 2014

By Paul McBeth April 8 (BusinessDesk) - Xero shares slumped to a four-month low, leading New Zealand stocks lower as investors joined a global sell-off on concern high-growth companies may struggle to turn sales growth into profits. Xero fell as low as $29.50, the lowest since Dec. 5, and were recently down 13 percent at $31. The stock has soared since the Wellington-based company raised $180 million in October, selling 9.92 million shares at $18.15 apiece. Xero is rated a ‘sell’ by two analysts and a ‘buy’ by a third, with a median price ta...

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