In early afternoon trade, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading 0.1% higher. However, shares in the following four companies were getting crunched.
- Slater & Gordon Limited (ASX: SGH) – down 33.6%
Shares of Australian law firm Slater & Gordon came under immense selling pressure for the second consecutive day. After revealing its half-year financial results to the market yesterday, Slater & Gordon's share price fell 31%. While no company-specific news was released by the company today, a number of brokers have moved to downgrade their share price estimates in the wake of its enormous $958 million loss. At today's prices, Slater & Gordon has a market capitalisation of $136.4 million, according to Google Finance.
- Bega Cheese Ltd (ASX: BGA) – down 7%
Shares of infant formula maker, cheese and dairy business, Bega Cheese, joined a basket of dairy producers in falling today. Shares of Bega Cheese went 'ex-dividend' recently, meaning investors on the company's share registry as of yesterday evening are entitled to receive its latest dividend payment. The 100% franked 4.5 cents per share dividend is expected to be paid 17 March 2016.
- Telstra Corporation Ltd (ASX: TLS) – down 4.5%
The Telstra Corporation share price took a pounding today as the company's shares went 'ex-dividend'. The $64 billion telecommunications heavyweight recently announced its half-year results and its board elected to pay a dividend of 15.5 cents per share. At yesterday's closing price, that's a dividend yield equivalent to 2.95%. Not bad for a half-year payout.
- Woolworths Limited (ASX: WOW) – down 2%
The Woolworths Limited share price fell to a low of $22.20 today ahead of the company's ex-dividend date tomorrow. Last week, Australia's largest supermarket operator announced a $972.7 million loss and cut its interim dividend from 67 cents per share to 44 cents per share. Yesterday, analysts moved to downgrade their price target estimates while ratings agency Standard & Poor's said the half-year loss would have "no immediate impact on the 'BBB+' rating or negative outlook on the group."
