4 ASX stocks sinking today

The All Ordinaries ends the day flat, but these 4 saw their share prices plunge

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The All Ordinaries (index: ^AORD) (ASX: XAO) closed flat today at 5,304.60 after a rollercoaster day. Despite an early rally, it quickly petered out, before a short-lived boost spurred by Chinese economic data pushed index into positive territory and then falling back again.

Osprey Medical Inc (ASX: OSP) saw its share price crash 55% to 30 cents, after reporting disappointing results for its AVERT study. While the company was overly positive about the trial results, it was clear the market took a different view and sold out.

Evolution FPO's (ASX: EVN) share price plummeted 5.8% to $1.47. The gold miner has seen a strong gain in its share price, after becoming Australia's second-largest ASX-listed gold miner. The share price has rocketed up 124% so far this year, thanks to low all-in sustaining costs and sensible, cheap gold mine acquisitions. Colleague Ryan Newman wrote earlier today why gold stocks were getting smashed.

Cabcharge Australia Limited (ASX: CAB) saw its share price fall 5.4% to $2.98 as the beleaguered tax payments business continues to feel the pressure from the arrival in Australia of the likes of ride-sharing startups such as Uber. Further deregulation of the taxi market appears highly likely, which could threaten Cabcharge's virtual monopoly taxi payments business.

Fortescue Metals Group Limited's (ASX: FMG) share price fell 4.2% to $2.30 as the bumpy ride continues for shareholders. The iron ore miner's shares have dropped as low as $1.58 and soared as high as $3.70 in the past 52-weeks, mostly on the back of moves in the iron ore price. On Friday, the commodity price fell 2.5% to US$53.74 a tonne.

Motley Fool contributor Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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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