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4 ASX stocks smashed on the market today

Despite Australia’s unemployment rate ticking over to 6.3% in November, and hitting highs not seen since 2002, the numbers still managed to prompt the market to rise overall.

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) managed to recover on the back of the data, to close down 0.5% at 5,231.0.

But that was nothing compared to these four, who all saw their share prices smashed…

Carnarvon Petroleum Limited (ASX: CVN) shares were crushed, losing 31.4% to close at 12 cents. Clearly investors weren’t happy with the Phoenix South-1 well update the company released today. Carnarvon says it is not possible to provide specific information about the size of the discovery at this time – thanks to an incomplete data set caused by the unique type of oil discovered and the nature of the reservoir rocks.

Panorama Synergy Limited (ASX: PSY) fell 12.7% to close at 27.5 cents. The company that is developing a laser reader for micro-electro-mechanical (MEMs) sensors didn’t announce any news today – but earlier this month did announce that it had successfully built a prototype. Managing director Terry Walsh said at the time, “This prototype demonstrates our ability to detect benzene and other dangerous hydrocarbons.” One if its first markets may well be the oil and gas industry.

GI Dynamics Inc (ASX: GID) lost 11.7% to end at 26.5 cents. The medical device company developing treatments for diabetes type 2 and obesity, recently announced a restructure and that its CFO was leaving. Around 10% of the workforce across the company was being let go. The company’s main product, EndoBarrier is approved for sale in many countries outside the US, but is currently undergoing clinical trials in the US.

UXC Limited (ASX: UXC) dropped 8.4% to 76 cents. The information technology consulting company, with operations in Australia, New Zealand, Asia and the US, mainly services medium to large businesses. Shares in UXC have fallen 24% so far this year, as technology companies have struggled with winning new contracts and growing earnings. Still, UXC is trading on a prospective P/E of 12.1x, and paying a fully franked dividend of over 5%, and could be worthy of a spot on your watchlist.

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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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