In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is lower by just under 0.1% to 5,790 points.
Four shares in particular have acted as a drag on the market today with sizeable declines. Here’s why they have sunk like stones:
The Aconex Ltd (ASX: ACX) share price has fallen 5% to $3.55 after the construction software business reported its half-year results. Although it reported a 38% jump in revenue, increased costs related to sales and marketing, product development, and general expenses meant the company posted a $3.5 million loss. Aconex reported a profit of $4.5 million in the prior corresponding period.
The Altium Limited (ASX: ALU) share price has tumbled 3.5% to $8.15 following the release of its half-year results. According to the release, the software-as-a-service company saw half-year revenue rise 14% to US$47 million, with profit growing a touch slower at 8% to US$10 million. I believe that Altium is positioned for strong long-term growth, which could make today’s drop a buying opportunity.
The Beadell Resources Ltd (ASX: BDR) share price has dropped 9% to 31.5 cents after emerging from a trading halt. The company’s plan to raise $51 million at 29 cents per share, a 16% discount to the last close price, has been successful. The company intends to use the proceeds to continue exploration and mill upgrades that it believes are vital to maximising returns for shareholders from its Tucano mine.
The Worleyparsons Limited (ASX: WOR) share price has fallen 6% to $8.07. Today’s drop extends the mining services company’s week-to-date decline to a massive 18%. The catalyst for this was the company’s disappointing half-year results released yesterday. Worleyparsons reported a 35% decline in revenue to $2.7 billion and a $2.9 million loss. Although its shares may look cheap now, I would suggest investors continue to avoid the company.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO and Altium. 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.
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