Why these 4 ASX shares crashed today

As the S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) posts a positive finish to the week many shares have performed positively. But not all shares have done so well today. Let’s take a look at a few shares which fell heavily.

For a second consecutive day the shares of Caltex Australia Limited (ASX: CTX) have taken an almighty plunge. Fresh from a 4.3% drop yesterday, its shares dropped a further 6.1% to $32.63 today. This drop could be connected to a government-hosted fuel summit at Parliament house this week, where there have been discussions about reducing the cost of petrol and the transparency of price signage.

Shares of Domino’s Pizza Enterprises Ltd. (ASX: DMP) have fallen by 6.2% to $55.25 today following a lukewarm reaction in London to the full year results of the UK-based Domino’s Pizza Group plc. The British pizza chain posted strong results in the UK and Ireland, but results in Europe, were not as strong. This could have concerned shareholders of the Australian Domino’s, due to the highly-anticipated joint venture between the two in the German market.

Following a 3% drop yesterday, Sirtex Medical Limited’s  (ASX: SRX) share price dropped a further 4.1% to $30.59 today. Trading at 35 times earnings could mean that investors are concerned that they are paying a premium for the shares. Although, it has to be said that broker Wilson HTM did place a $46.50 target price on the shares. So this short-term pain could yet turn into long-term gain.

Having reached a 52-week high yesterday, the shares of Goodman Group (ASX: GMG) took an almighty tumble today. Its shares dropped 4.2% to $6.44, with no news coming out of the company. It could be a spot of profit taking coming from a few shareholders. Analysts are quite optimistic about the future of the company, estimating earnings to grow by over 7% per year in the next two years.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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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