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Here’s why these 4 ASX shares plummeted today

Thanks largely to a good performance from the banks today, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is posting a small 0.2% gain to 5,548 points.

Going the other way and posting reasonably big declines have been four shares in particular. Here’s why they’ve being getting hammered today:

iCar Asia Ltd (ASX: ICQ) shares have dropped steeply for a second day running, this time by 9% to 49 cents. The declines stem from disappointing revenue and earnings guidance released to the market yesterday. Management revealed it expects revenue to be between $6.75 million to $7.75 million with an EBITDA loss of between $14.5 million to $15 million. But with some speculating that a takeover approach from Carsales.Com Ltd (ASX: CAR) could be coming, shareholders may at least have something to be optimistic about.

iCar Asia’s share price is now down 48% in 2016.

IOOF Holdings Limited (ASX: IFL) share price has dropped almost 7% to $8.68 following the release of its full year results. Although the diversified wealth management company delivered underlying net profit after tax of $173.4 million, this was more or less flat on last year’s result. Furthermore management offered no guidance for the year ahead, which doesn’t appear to have gone down well with the market.

IOOF Holdings’ share price is down around 9% in 2016.

Mobile Embrace Ltd (ASX: MBE) shares have plummeted 7% to 34.5 cents despite it releasing strong preliminary full year results that beat its prior guidance. On the top line the growing mobile commerce company delivered year-on-year revenue growth of 83% to $60.6 million. Even better was the fact that earnings before interest, tax, depreciation, and amortisation increased 86% to $9.5 million. It would appear as though the market was expecting even more, but personally I see this drop as a great buying opportunity for investors.

Mobile Embrace’s share price has climbed 28% in the last 12 months.

Medical Developments International Ltd (ASX: MVP) shares dropped 5% to $5.05, before bouncing back strongly in late trade. Today’s decline came following an update on the healthcare company’s activities in the United States. Following feedback from the US Food and Drug Administration it now has a clear understanding of the steps required to get its Penthrox pain management product approved for sale in the country. As a result the company advised it will undertake a second Phase III Pivotal Clinical Trial. Whilst investors appear to be frustrated at the slow progress, I would suggest sticking with this growing company.

Medical Developments International’s share price is still up by 40% in 2016.

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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.