Local investors have been taken on another rollercoaster ride today following a 10% plunge in the iron ore price overnight, together with ongoing concerns about Greece and China. After falling as much as 1.6% however, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is now trading just 0.3% lower, as is the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO).
Unfortunately, these four stocks are still trading heavily in the red for the day…
Slater & Gordon Limited (ASX: SGH) shares fell as much as 5.4% earlier in the day, hitting a low of $3.32, but have since recovered to trade at $3.40 (down 3.1%). The legal eagle has come under enormous selling pressure recently after the Australian Securities and Investments Commission launched an investigation into its accounts (amongst other issues), with investors concerned more issues might still be lingering under the surface.
Altium Limited (ASX: ALU) released its unaudited revenue and sales results for the 2015 fiscal year earlier in the session, only to be slammed 9.1%. It's likely that investors are mostly concerned about the company's EMEA (Europe, Middle East and Africa) division which failed to live up to management's expectations. Nonetheless, today's pullback presents as an excellent opportunity for investors to begin building a position.
Incitec Pivot Ltd (ASX: IPL) issued a profit warning yesterday morning which resulted in a 2.6% loss for the day. The company warned that its full year net profit could be reduced by up to $6 million due to an unexpected reduction in gas supply to its ammonium nitrate plant at Moranbah. The stock has declined another 3% during today's session as investors continue to weigh in on the update.
Vocus Communications Limited (ASX: VOC) continued its decline today, falling another 2.2% to $5.38. Vocus is deep in the process of acquiring Amcom Telecommunications Limited (ASX: AMM) which should yield excellent synergistic benefits in the long-run, however, investors are likely wary of how much Vocus' shares are actually worth prior to those benefits being realised.
