Why these 4 ASX shares have been hammered today

The Quintis Ltd (ASX:QIN) share price has been one of four sinking significantly lower today. Here's why…

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from early declines and in afternoon trade is higher by over 0.7% to 5,883 points.

Four shares which haven't been able to follow the market higher today are listed below. Here's why they have been hammered today:

The Creso Pharma Ltd (ASX: CPH) share price has dropped 10% to 49.5 cents despite there being no news out of the pot stock. Today's decline means Creso Pharma's shares have now lost 35% of their value in just the last 30 days. I believe this demonstrates just how high risk the medicinal cannabis industry can be.

The CSR Limited (ASX: CSR) share price has plunged 11% to $4.58 following the release of its full-year results. Whilst profits were up 11% on last year, investors appear to be concerned with the outlook for next year. Management hasn't forecast any growth in its major Buildings Products segment. While its shares look cheap now, I think there are better options out there for investors.

The Incitec Pivot Ltd (ASX: IPL) share price has given back yesterday's gains and tumbled 3.5% to $3.66 today. According to a research note out of Credit Suisse, its analysts have downgraded its shares to an underperform rating following yesterday's mixed half-year result. I would agree with Credit Suisse on this one.

The Quintis Ltd (ASX: QIN) share price has crashed 36.5% to 68 cents after the embattled sandalwood plantation manager shocked the market by advising that a major supply contract with Galderma for its Indian sandalwood oil had terminated in December without its board being aware. Quintis, formerly TFS Corporation, does not strike me as a well-run business and I can't say I'm surprised to see short sellers target it.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.

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