The S&P/ASX 200 (Index; ^AXJO) (ASX: XJO) has fallen 0.6% as a number of large cap blue chip stocks were heavily sold off. It's the fifth straight loss for the index, which is down 3% for the week.
My Net Fone Limited (ASX: MNF) crashed 8.5% to $2.80. Just over two months ago, shares in the voice communications group hit $4.00 but have since fallen 28%. The ASX queried the price fall, but My Net Fone says it has no explanation for the fall and confirmed that it was on track to report full-year earnings before interest, tax, depreciation and amortisation (EBITDA) of $11.2 million.
Unilife Corporation (ASX: UNS) fell 8.3% to 82.5 cents, despite no news from the company. Unilife develops injectable drugs delivery systems and has seen its shares rocket up 46% since December 16. JPMorgan Chase & Co had notified the ASX that it had become a substantial shareholder with 10% of Unilife shares, perhaps indicating that a takeover offer may be coming?
Arrium Limited (ASX: ARI) sinks 6.5% to 21.5 cents while Mineral Resources Limited (ASX: MIN) lost 7% to $6.79. Both companies are heavily exposed to the iron ore price, and the commodity is trading not far above its 5-and-a-half year lows. Expectations for higher prices aren't great, and many analysts have a bearish outlook on the metal. For smaller, higher cost producers that's a major issue.
