It's been a tough day for investors with the Australian share market once again on the retreat.
Late in the session, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading 0.6% lower and had fallen below the 5,700 point mark, led down mostly by the big banks and big miners. However, these four stocks endured even more crushing blows.
Fortescue Metals Group Limited (ASX: FMG) shares were back in the red-zone on Thursday, falling by as much as 8% to just $2.31. Although the iron ore price only lost 0.5% overnight, according to the Metal Bulletin, there are fears that the recent rally may have come to an end and that there could be a sharp drop waiting just around the corner.
Myer Holdings Ltd (ASX: MYR) has also given up most of the gains recognised yesterday after its better-than-expected sales update. The retailer's shares rose by more than 10% during Wednesday's session but investors are likely choosing to take some of their profits off the table. The stock has retreated 3.2% to $1.505 after having hit a low of $1.467 earlier in the day.
Graincorp Ltd (ASX: GNC) released a profit update earlier in the day which revealed a 40% slump in earnings for the first half, which it partially attributed to stronger competition. The company reported a net profit of $30.2 million for the six-month period, which was punished by investors who sold the stock more than 3% lower.
ResMed Inc. (CHESS) (ASX: RMD) was by far the worst performing stock in the ASX 200 after it delivered a disappointing result for its SERVE-HF trial. While it hoped to prove that its products used in a trial could boost patient healthcare, the trial results actually showed a potential increase in the chance of mortality, seriously denting the company's hopes of breaking into the heart failure market. The stock plummeted more than 18% to just $6.73.
Although it has enjoyed the odd day in the black, the Australian share market has mostly been stuck in a downward trend in recent weeks, causing fear amongst investors that this could be the beginning of a much larger dip…
