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Why Oil Search Limited is among 4 shares getting slammed today

Credit: Patrick McKnight

It has been another tough day for investors with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) falling 0.7% to 5,796 points.

The energy, financials and utilities sectors have led the market lower today, although the telecommunications sector has managed to rebound slightly after days of heavy selling.

At lunchtime, a number of shares were being punished heavily, including:

Pilbara Minerals Ltd (ASX: PLS)

After a terrible session yesterday, the Pilbara Minerals share price has fallen another 5.2% today to 31.75 cents. It comes after the lithium miner released an update that revealed the company was experiencing some delays in getting the necessary mining permit approvals for its Pilgangoora Lithium-Tantalum Project in WA. Despite this, Pilbara Minerals also announced positive results from a recent drilling program that should help to support the company’s longer-term investment case.

Yowie Group Ltd (ASX: YOW)

The Yowie share price has dropped 5.3% today, after the chocolate company downgraded its full-year sales growth target from 85% to 70%. The company has blamed production issues at the beginning of the third quarter for the downgrade, along with a projected staged roll-out into Canada. This is the second sales downgrade this year, with the company initially expecting to double its sales in FY17. Unfortunately, this has resulted in the shares falling by around 25% since the start of the year.

Oil Search Limited (ASX: OSH)

Oil Search is one of the worst performing energy shares today thanks to a less than inspiring quarterly report. The company reported a 2% decline in total production for the March quarter, along with a 1% decline in total sales revenue. An overnight fall in the oil price has compounded the situation today and this has seen the Oil Search share price fall 2.7% to $7.15.

Sirtex Medical Limited (ASX: SRX)

The Sirtex Medical share price has dropped more than 2.9% today, despite the absence of any updates from the company. The shares have now fallen more than 11% over the past five trading sessions and this comes on the back of the news that the company’s proposed on-market share buy-back has been delayed pending the outcome of an injunction filed in the Federal Court. Sirtex expects the hearing to take place next week and will update investors once a decision has been made.

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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