Here’s why these 4 ASX shares got crunched today

Following the lead from US and European markets, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is heading lower today with a decline of 0.4% to 5352 points.

Helping to bring the curtain down on a five-day winning streak are the following four shares which have had a less than impressive day on the markets:

AMP Limited (ASX: AMP) shares have taken an almost 6% plunge to $5.49 today following the release of the company’s first quarter results. The asset management and insurance specialist reported that its wealth management cash flows had slumped nearly 40% from $342 million to $209 million during the quarter. Furthermore, assets under management of $112.6 billion were down 2% quarter-on-quarter.

AMP Limited is down by over 14% in the last 12 months.

CSR Limited (ASX: CSR) shareholders have lost a lot of yesterday’s gains as its share price dropped over 3% to $3.53. Yesterday its shares rocketed after the release of its full year results, but today it has been a very different story. With no further news released to the market and the results being well received yesterday, it would appear as though there may be some profit taking going on by some investors.

Despite today’s decline CSR shareholders are still sitting on a 22% gain in 2016.

Pilbara Minerals Ltd (ASX: PLS) shares are down by over 7% to 80 cents today despite no news being released to the market. Pilbara has been growing rapidly on the back of the incredible demand for lithium-ion batteries. The predicted insatiable demand for lithium has pushed prices up dramatically in the last six months, but whether these prices are sustainable is another question. Any weakening in lithium prices is likely to lead to sell-offs in Pilbara’s shares in my opinion.

Pilbara Minerals has been on a tear in the last 12 months, gaining over 1,400%.

Westpac Banking Corp (ASX: WBC) shares went ex-dividend today, bringing the share price down by almost 4% to $30.12. Although the banks have been under a lot of pressure in recent times, I do see Westpac as an attractive investment at under $30. I believe it is worth keeping an eye on its shares for any bargain buy opportunities that might be forthcoming.

Westpac shareholders are sitting on share price declines of around 12% in the last 12 months.

Whilst I may like Westpac under $30, I like these three shares at their current prices more. I can’t help but feel that they will provide investors with growing dividends in the future.

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