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Here’s why these 4 ASX stocks are getting hammered today

Investors are again worried about a possible Greek default which has weighed on the sharemarket’s performance today. After four consecutive days in the black, the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) and S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) have both fallen 0.7%, with the latter slipping to 5647 points in a plunge led by the big four banks.

Despite the market’s general weakness however, these four stocks have performed particularly poorly…

Slater & Gordon Limited (ASX: SGH) has been the biggest news story of the day after it was revealed that the United Kingdom’s financial watchdog, the Financial Conduct Authority, will investigate the activities of Quindell Plc (from which Slater & Gordon recently purchased part of its business for $1.2 billion earlier this year). While it remains unclear what the implications will be for the legal eagle itself, investors want no part of it and have sold the stock down a massive 17.6%.

Beadell Resources Ltd (ASX: BDR) has also fallen heavily after the spot gold price fell for its fourth consecutive session overnight based on elevated expectations that the US Federal Reserve will increase the nation’s official cash rate by the end of the year. Beadell, a gold producer, fell 5.1% to 18.5 cents per share as a result.

Fortescue Metals Group Limited (ASX: FMG) has taken another beating today, despite a rise in the iron ore price overnight. Fortescue, which is Australia’s third largest iron ore miner, maintains a higher breakeven cost than either of its larger rivals while it also carries an enormous pile of debt. With iron ore prices expected to fall considerably in the foreseeable future, investors may be getting nervous and decreasing their exposure to the sector.

iCar Asia Ltd (ASX: ICQ) shares have hit the skids lately, falling 22% over the last fortnight and 6.2% today alone to trade at 76 cents per unit. iCar Asia, which owns a portfolio of automotive websites spread throughout Asia, provided a trading update just over a week ago which revealed a decline in unique leads sent to dealers in what was a somewhat underwhelming quarterly report.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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