The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is enjoying a third straight day of gains today, rising 0.29% to 5,551 points.
The energy and materials sectors are enjoying a particularly solid day thanks to a rise in overnight energy and commodity prices.
Although the broader market is comfortably in positive territory today, these four shares have taken a pretty big tumble:
Reject Shop Ltd (ASX: TRS)
Shares of the Reject Shop have crashed more than 13.3% today after the discount retailer provided a somewhat underwhelming first quarter trading update. Like-for-like sales for the September quarter came in at just 0.3%, well below the 6.1% increase recorded in the previous corresponding period. Management also noted that the company will most likely struggle to meet last year’s half-year result unless current trading conditions improve. Following today’s sharp decline, the shares are now trading around 50% below their recent August highs.
Shine Corporate Ltd (ASX: SHJ)
Shares of Shine have fallen around 10% today after the law firm seemingly dampened investor expectations for FY17. At its AGM today, management reiterated that the outlook for the year ahead remains challenging for the legal market, especially in the personal injuries sector. A number of proposed government reforms in Queensland and New South Wales could also have a negative impact on the law firm if they are implemented. Although Shine did not provide any updated guidance for the full year, it does expect to deliver an improvement in the amount of work in progress (WIP) it can recover.
Australian Vintage Limited (ASX: AVG)
Shares of Australian Vintage have nose-dived more than 9% today after the wine maker said the recent plunge in the British pound would negatively impact its full year net profit after tax (NPAT) by approximately $3.5 million to $4.0 million (assuming the AUD / GBP exchange rate remains at 62.8). Although the company expects its FY17 cash flows from operating activities to exceed the previous year, NPAT this year is likely to be well below the $7.2 million generated in FY16.
Crown Resorts Ltd (ASX: CWN)
Crown continues to dominate the headlines this week and its shares have fallen another 2.5% today to $10.72. Along with the ongoing concerns about the situation with Chinese authorities, the casino operator provided a recent trading update at its AGM that revealed a decline in VIP program play turnover and a 1% increase in main floor gaming revenue for its Australian properties. Crown also released an announcement earlier in the day that confirmed it will look to IPO a 49% interest in some of its Australian hotels and associated retail property.
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Motley Fool contributor Christopher Georges owns shares of SHINE CORP FPO. 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.