The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) dropped 0.7%, to close at 4,483.8, reversing yesterday’s rise. The move followed the US markets down with the Dow Jones Industrials Average falling over 2.3% overnight, while the UK’s FTSE 100 slumped 1.6%.
The Australian dollar is steady against the US dollar, currently buying 104.1 cents.
These three stocks were crunched, falling more than 5%.
Cabcharge Australia Limited (ASX: CAB) dropped 7.8% to close at $4.71, continuing yesterday’s fall, after the company announced yesterday that it was unsuccessful in a re-tender for two bus contracts in NSW. That shows that just because the company held the contract previously doesn’t mean it automatically gets renewed. It also didn’t help that Morningstar put the stock under review, stating the lost contract will impact earnings forecasts.
Coalspur Mines Limited (ASX: CPL) fell 6.3% to end at 81.5 cents. A perennial yo-yo stock over the past few weeks, Coalspur is developing a coal mine in Canada, but is at the mercy of commodity prices. Coal prices have fallen dramatically in recent times, and the miner is still faced with costs of developing the mine, estimated at around C$1 billion. Whether the mine will go ahead or not is yet to be seen.
APN News & Media Limited (ASX: APN) lost 5.8% to close at 32.5 cents. The media company with publishing, radio and advertising operations has seen its share price more than 83% since the beginning of 2011, as the advertising market fell off a cliff and hasn’t recovered yet. As a print media publisher, the company also faces structural threats to its business, and has yet to fully adapt its business model to the online space.
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Motley Fool writer/analyst Mike King doesn’t owns shares in any companies mentioned. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.