It has been a disappointing end to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 1.1% to 5,693 points.
Four shares which have fallen more than most today are listed below. Here's why they are ending the week deep in the red:
The Coca-Cola Amatil Ltd (ASX: CCL) share price has fallen 5% to $8.49 after the beverage company was downgraded by Morgan Stanley. According to a research note out of the investment bank, its analysts were concerned about the loss of more supply contracts following the decision of Domino's Pizza Enterprises Ltd. (ASX: DMP) to switch to rival Pepsi-Schweppes.
The Compumedics Limited (ASX: CMP) share price has plunged 19% to 51 cents following the release of a business update. Due to restructuring activities in its core capital equipment business, the medical device company expects sales of approximately $33 million for the 12 months ending June 30 2017. This will be a 12% decrease from a year earlier.
The Ellex Medical Lasers Limited (ASX: ELX) share price is down 10% to 96.5 cents after the medical device company released its preliminary full-year sales result. According to the release, Ellex expects sales of $71.7 million in FY 2017, down 1.6% on the previous year. Management plans to respond to the drop in sales with a significant investment in its sales and marketing in FY 2018.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 3% to $5.09 following a drop in the iron ore price overnight. According to Metal Bulletin, the iron ore price fell 2.1% to US$61.96 a tonne, bringing its month-to-date decline to approximately 4.6%. With the Australian government tipping iron ore to fall significantly in 2018, I'd consider avoiding Fortescue's shares for the time being.