It has been a very disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade every single sector is in the red, leading the benchmark index lower by 1.1% to 5,649 points.
Four shares in particular have made notable declines today. Here's why:
Aconex Ltd (ASX: ACX) shares have crumbled 38% to $3.48 after the software-as-a-service company downgraded its full year outlook. Management previously expected annual EBITDA growth of between 62% and 84% in FY 2017. Shockingly this has now been downgraded to annual growth of between 10% and 32%. A full breakdown on this disastrous update can be found here.
CSG Limited (ASX: CSV) shares have dropped 3% to 80 cents after the business technology solutions company revealed that its offloaded CSG Services business has been caught up in an anti-corruption case. The company denies any wrongdoing and has responded to the adverse statements through the appropriate channels.
Orocobre Limited (ASX: ORE) shares have fallen 6% to $4.48 after the lithium miner reported a disappointing quarterly performance. Although production was impressively strong, sales revenue plunged due to a port strike and customs delays over Christmas. Whilst it wouldn't be my pick of the lithium miners, I'll happily acknowledge that Orocobre looks set to have a bright future if lithium demand continues to remain strong.
Servcorp Limited (ASX: SRV) shares have plunged 21% to $5.90 after the executive suites and virtual office provider downgraded its profit guidance. Due to weakness in its U.S. business the company expects net profit before tax to come in at around $47 million in FY 2017, compared to its previous guidance of at least $56 million.
