4 ASX shares slammed on the market today


The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading firmly higher today. However, shares of the following four companies were getting slammed.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

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Motley Fool writer/analyst Owen Raszkiewicz owns shares of CSL Limited. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia owns shares of Altium. 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 Bruce Jackson.