It's yet another down day for the S&P/ASX 300 (Index: ^XKO) (ASX: XKO), with the index losing 0.4% to 5,056. Still, it wasn't as bad it could've been, with the index falling as low as 5,005.6 (1.4%) at one stage.
These four stocks took a beating today…
MMA Offshore Ltd (ASX: MRM) saw its share price hammered down 20.6% to 29 cents. The maritime company announced that it was facing tough conditions and forecast earnings before interest, tax, depreciation and amortisation (EBITDA) of between $75 and 85 million for the 2016 financial year, less than half of the $218.2 million the company reported last year. MMA also appeared to suggest that it could be worse than that due to lack of earnings visibility in the second half.
Eclipx Group Ltd (ASX: ECX) share price tumbled 10% to $3.06, despite exceeding its prospectus forecast net profit. Eclipx is a car fleet management and financing company which listed on the ASX in April this year. Net profit was up 33% over the previous year and Eclipx is forecasting a decent 2016 financial year ahead. Even at the current share price, Eclipx doesn't look cheap suggesting investors were expecting a much better performance.
Pacific Brands Limited (ASX: PBG) share price dropped 5.3% to 71.5 cents, despite no news from the company. The maker of Bonds undies and Sheridan sheets is on the comeback trail after a few years in the wilderness. Pac Brands announced in August that it expected to see 3% sales growth for the full 2015 financial year and earnings or more than $63 million. The company even says it expected to recommence paying dividends shortly.
Cimic Group Ltd (ASX: CIM) saw its share price fall 4.7% to $25.99, after the construction and engineering group announced a takeover offer for the remaining shares in Devine Limited (ASX: DVN) it didn't already own. Cimic is offering 75 cents in cash per share for the 49.37% of shares owned by other Devine shareholders, and says the deal was announced after the CIMIC board concluded decisive action was needed.
