It's been somewhat of a weak day for the Australian stock market with the S&P/ASX 200 (INDEXASX: XJO) retreating 0.3% to be sitting at 5,528 points. However, there are a number of big-name stocks which have fallen much heavier than that.
Myer Holdings Ltd (ASX: MYR) has crashed 13 cents or 6.1% for the day, taking its total decline since Wednesday to 18.5%. The fall comes after the company released its full-year results yesterday. The market was clearly disappointed by its weak revenues and its 22.6% decline in full-year earnings, marking its fourth year of profit falls.
M2 Group Ltd (ASX: MTU) has also fallen considerably today with its shares trading 44 cents or 5.5% lower with greater than average trading volumes. While the company hasn't released any news which would specifically explain the fall, it is possible investors are simply taking profits following a strong rally over the last six weeks. Prior to today's fall, the stock had risen a remarkable 34% in that time. Opportunistic investors should look at today as a terrific chance to pick up shares on the cheap – especially with strong growth expected over the coming years.
XERO FPO NZ (ASX: XRO) has also been punished today with its shares down 6.9%. The company announced that Peter Karpas, Xero's head of North America, had stepped down just six months after joining. Although the company is showing strong signs of growth, many investors remain sceptical of its US growth plans as well as its valuation. This latest development certainly won't have given them any more confidence with the stock now down nearly 56% since peaking in March.
