In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) edged lower by 0.1% to 5,532 points. With almost all sectors heading lower today, it has only been the strong performance of the materials sector preventing the index dropping any lower.
Amongst the many shares facing declines today, four in particular have stood out. Here's why they are getting hammered today:
Acrux Limited (ASX: ACR) shares have tumbled 10% to 74 cents today following the release of a sales update to the market. The drug development company advised that the total number of prescriptions in the US for its Axiron drug in FY 2016 declined 10.8% year-on-year. Sales during the period declined 3.2% year-on-year. Unfortunately the fact that Axiron grew its market share to 14.2% during the year wasn't enough to stop shareholders heading to the exits in their droves.
Acrux shares are now down by 1% in 2016.
iCar Asia Ltd (ASX: ICQ) shares have dropped 6% to 70.5 cents after the automotive website company's quarterly results failed to live up to the market's expectations. Although cash collections over the quarter were up 45% from the prior corresponding quarter, there was a decline of 8% on a quarter-on-quarter basis. Another worry for investors will no doubt have been its large cash outflow, which increased as a result of a rising marketing spend.
iCar Asia's shareholders are not having a great year, its share price is now down 28% this year.
SAI Global Limited (ASX: SAI) shares are down over 5% to $3.54 after it announced yesterday that it is looking into selling its quality assurance business. SAI Global's management pointed to the rapid global consolidation in the quality assurance sector as being the reason for this. It believes the sale will support its strategy of focusing its globally integrated risk management solutions business towards higher margin, higher growth software and digital products and services. Clearly thus far the market appears unconvinced by this.
SAI Global's share price is down 16% in the last 12 months.
Yowie Group Ltd (ASX: YOW) shares have declined for a third day running, this time by over 6% to 65.5 cents. The decline stems from the release of its quarterly report on Monday, which revealed that receipts from customers were lower than the previous two quarters. With a strong cash balance and its products in major retail stores such as Walmart, the company does appear to be in a better position than this time last year. This could make the recent declines a buying opportunity.
Yowie Group's share have dropped 41% year to date.
