The Motley Fool

4 ASX stocks smashed on the market today

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.

NEW. The Motley Fool AU Releases Five Cheap and Good Stocks to Buy for 2020 and beyond!….

Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading over 40% off it's high, all while offering a fully franked dividend yield over 3%...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click here or the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.


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