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Why these 4 shares are getting smashed today

Despite positive leads from offshore, it has been a pretty volatile day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) with the market lacking any real direction.

A number of shares have been trading in negative territory all day however, including:

Metcash Limited (ASX: MTS)

Shares of Metcash are trading more than 4% lower today as investors continue to digest the company’s full year results that were released on Monday. Despite some positives from the result, the overall outlook for its core Food and Grocery business remains challenging with the company citing competition, price deflation and a rising cost base as headwinds for the business. This negative outlook will have some investors concerned and may have been a signal to some investors to take profits after such a strong rise in the share price over the past 12 months.

Shares of Metcash have rallied nearly 55% over the past 12 months.

Newcrest Mining Limited (ASX: NCM)

Newcrest is one of the worst-performing large cap stocks today thanks to an overnight fall in the gold price. A number of other smaller gold producers have also been hit hard today as investors leave the safe haven asset in favour of riskier assets as they factor in a smaller chance of Britain leaving the European Union. Despite today’s pull-back, Newcrest has been the top-performing large-cap stock over the past 12 months, aided by a falling Australian dollar and a higher gold price.

Newcrest shares have risen 57% over the past 12 months.

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is one of the worst-performing lithium companies today with its shares falling by nearly 4%. The company has not released any market moving news today, so this move is most likely a result of profit taking. Investors are unlikely to be worried by such a move, however, as hype in the lithium sector continues to build on the expectation that demand for the commodity will increase dramatically over the next few years.

Longer term investors will definitely not be concerned with today’s fall as the shares have gained more than 2,021% since May 2015!

Sirtex Medical Limited (ASX: SRX)

Shares of Sirtex have fallen more than 2% today to make a new 52-week low of $26.39. The shares have now lost more than 16% since the company lowered its full year dose sales growth guidance at the start of June. Although Sirtex is still expected to deliver a strong full year profit result, I think investors should expect to see the share price remain volatile until the company releases its results in August.

Shares of Sirtex have fallen nearly 13% over the past 12 months.

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Motley Fool contributor Christopher Georges owns shares of Sirtex Medical Limited. 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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