The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading firmly higher today. However, shares of the following four companies were getting slammed.
- CSL Limited (ASX: CSL) – down 5%
Shares of Australia's leading biotechnology business, CSL, were trading sharply lower today. Yesterday, the company's shares rose 2.3% after revealing a profit increase of 3.8% for its most recent half-year. Having digested the information, no less than five analysts raised their price targets on CSL shares today, while a further two analysts downgraded their ratings, according to Dow Jones Newswires. That may help explain some of today's share price volatility.
- Altium Limited (ASX: ALU) – down 6.6%
Software developer, Altium, saw its share price heavily discounted by the market today despite announcing a 35% increase in profit for the six-month period to 31 December 2015. The company also declared an interim dividend of 10 cents per share, unfranked, but it wasn't enough to appease the market.
- Arrium Limited (ASX: ARI) – down 16%
Arrium, formerly OneSteel, today announced another half-year loss to the market. The company saw its revenue fall 14.1% to $2.76 billion and posted a loss of $235.8 million. Against a backdrop of falling iron ore prices, CEO Andrew Roberts said, "It is currently a very difficult external environment for mining and steel companies globally, and Arrium is no exception." At the reporting date, Arrium had cash of $303 million and debt of around $2,379 million.
- FlexiGroup Limited (ASX: FXL) – down 13.5%
FlexiGroup shares also slumped following the release of a half-year report. The company today reported revenue growth of 6.1% to $176.6 million and a profit of $41.4 million, up 7.5% on the prior corresponding period. Further, it reported an interim fully franked dividend of 7.25 cents per share. Unfortunately, the market appears unenthusiastic about the half-year result and its forecast full-year cash profit, expected to be between $92 million and $94 million.
