In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to produce its fourth day of gains in a row. Currently the benchmark index is up 0.3% to 5,560 points.
Unfortunately not all shares are climbing higher today. Four shares which have acted as a drag on the market and dropped sharply into the red are as follows:
Crown Resorts Ltd (ASX: CWN) shares are down 5.5% to $11.38 after reports in China revealed that restrictions will be placed on ATM withdrawals in Macau. The daily withdrawal limit in the world's biggest casino market will be halved as soon as this weekend according to Reuters. Melco Crown Entertainment shares fell over 13% overnight as a result.
Freedom Foods Group Ltd (ASX: FNP) has fallen 7.5% to $4.52 after emerging out of a trading halt. The company put its shares in a trading halt in order to raise $75 million to fund no less than four acquisitions. Today's drop means its shares have almost fallen in line with the offer price of $4.45 per share. At the current price the company could be worth a closer look.
Slater & Gordon Limited (ASX: SGH) shares have dropped 4.5% to 27.7 cents as investors continue to react negatively to the law firm's debt sale. After a 73% drop in its share price over the last 12 months, investors may be tempted to bet on a turnaround. But I would suggest they stay well clear. I fear this is one company that could go to zero.
Sirtex Medical Limited (ASX: SRX) shares have plunged 41% to $15 after the regenerative medicine company released a woeful trading update. The company revealed that it expects worldwide dose sales to grow just 4% to 6% in the first half of FY 2017. For the full year Sirtex has forecast earnings to be at worst 12% lower than last year, or at best flat on last year's result.
