So far it has been a day to forget for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Although it is off its lows now, the benchmark index is still down sharply by 0.9% to 5,374 points following a broad market sell off.

Four shares have had a particularly disappointing day and dropped even more sharply. Here they are:

Altium Limited (ASX: ALU) shares have declined again, this time by 3% to $9.32. The shares of the printed circuit board software provider have now dropped close to 5% since they were downgraded by UBS on valuation grounds this week. UBS placed a price target of $9.05 on its shares so there could yet be further declines ahead. But once the dust settles I believe Altium will be a great long-term investment.

MG Unit Trust (ASX: MGC) shares are off by almost 9% to $1.30 despite no news out of the company. However The Australian has reported today that farmers have been walking out on their milk contracts with Murray Goulburn in their droves. According to the report upwards of 200 farmers have left the co-operative recently taking 270 million litres of milk supply with them and reducing the co-operative’s total milk supply by 7%.

St Barbara Ltd (ASX: SBM) shares have reversed yesterday’s strong gains with a 5% drop to $2.92. With the majority of Australia’s gold producers sitting deep in the red today despite the spot gold price holding firm at US$1,345 an ounce, it would appear as though many investors are taking some profits after yesterday’s incredible industry-wide rise.

Slater & Gordon Limited (ASX: SGH) shares are under fire again. Today the embattled law firm’s share price is lower by around 5.5% to 42.5 cents. With no news out of the company this looks like a case of profit taking as well. After all, Slater & Gordon’s share price has risen around 18% in the last five trading sessions with little justification. This is definitely one to avoid in my opinion.

Instead of investing in Slater & Gordon I would highly recommend investments in these three fantastic ASX shares.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.