Despite some pretty weak offshore leads, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has managed to claw back some of yesterday’s disappointing losses with a gain of 0.5% to 5,415 points.
The financial, gold and materials stocks are doing most of the heavy lifting today, with the information technology and industrial sectors lagging well behind.
Four companies that have seen their share price come under heavy selling pressure today, include:
Star Entertainment Group Ltd (ASX: SGR)
Following a pretty tough day for casino operators yesterday, shares of Star Entertainment have come under further pressure today, falling around 3% to $5.35. Investors are concerned that the raids from Chinese authorities on Crown Resorts Ltd (ASX: CWN) will flow on to other casino operators who rely heavily on VIP programs to attract gamblers from China. Interestingly, shares of Crown have managed to rebound today after a number of analysts said they thought yesterday’s huge sell-off might have been overdone.
Blackmores Limited (ASX: BKL)
Shares of Blackmores have dropped around 3% today, despite no news being released from the company. It appears some investors might be getting nervous ahead of the company’s highly-anticipated first quarter update that is due to be released next week. Investors will be paying especially close attention to any forward-looking commentary provided by management as this will provide a good indication of whether or not the company is likely to exceed its sales revenue from last year.
Caltex Australia Limited (ASX: CTX)
Shares of Caltex have fallen 3.7% today after the company confirmed it has made a bid to acquire Woolworths Limited’s (ASX: WOW) fuels business. It is believed that a number of other interested parties have also made offers for the business and this means the final transaction is still uncertain and probably sometime away. Nevertheless, Woolworths’ final decision could have a big impact on Caltex if a new operator terminates or re-negotiates the existing wholesale supply arrangements.
Admedus Ltd (ASX: AHZ)
After rocketing 68% higher yesterday, shares of Admedus have fallen 11.5% today most likely on the back of profit taking. The healthcare company announced yesterday that the U.S. Food and Drug Administration (FDA) has approved its VascuCel product that has been scheduled for launch in November. The product is used to repair vascular defects and the company believes it will be able to win a sizeable share of the US$500 million market with its superior offering.
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Motley Fool contributor Christopher Georges owns shares of Blackmores 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.