The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is taking a breather today as some investors have decided it is time to lock in profits after some impressive gains this week.
At lunchtime, the benchmark was trading broadly flat at 5,896 points.
Despite the calmness, a number of shares have been hit pretty hard today, including:
Quintis Ltd (ASX: QIN)
The Quintis share price has continued on its volatile streak today, falling 4.8% to $1.04. The company, formerly known as TFS, has announced that it has appointed its Deputy Chairman, Julius Matthys, to the position of Interim Chief Executive Officer. It comes after Managing Director, Frank Wilson, resigned earlier in the week after declaring his intention to make a takeover bid for the company. Qunitis has been in the headlines all week after a prominent short seller said the company's equity was worth zero.
Fairfax Media Limited (ASX: FXJ)
The Fairfax Media share price has crashed more than 4% today, despite the absence of any news from the company. The shares managed to reach new multi-year highs earlier this week after speculation mounted that private equity firm, TPG, was considering a takeover of the business. However, the latest media reports suggest that a takeover is unlikely and this has seen some of the enthusiasm wiped out from the shares.
Orocobre Ltd (ASX: ORE)
The Orocobre share price has continued to drift lower today, falling another 2.8% to $2.75. The shares have been under serious pressure lately after the lithium miner downgraded its full year production guidance. Orocobre has also announced a number of asset sales over the past week and this may be concerning some investors. Interestingly, the company is now the most shorted share on the ASX with around 19.3% of shares currently short sold.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price has plunged nearly 4% today after the shares resumed trading following the announcement of a $151 million capital raising. The funds will be used to develop the $355 million Sole gas project in the Gippsland Basin in Victoria. The new shares will be issued at an offer price of 31.5 cents per share, which is a fairly large discount to the most recent closing price of 38.5 cents per share. Despite today's fall, shares of Cooper Energy have still managed to gain more than 54% over the past 12 months.
