The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to build on yesterday's gain and in afternoon trade is down 0.4% to 5,748 points.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The Navitas Limited (ASX: NVT) share price has sunk lower for a second day in a row following the release of the education provider's disappointing full-year result. Its shares are down 3.5% to $4.31. In FY 2017 Navitas reported a 10.8% decline in profit after tax from ordinary activities to $80.3 million. Unfortunately this is likely to tumble lower again next year due to the reduction in AMEP delivery centres. This is expected to reduce its Professional and English Programs segment's EBITDA by $14 million.
The ResMed Inc. (CHESS) (ASX: RMD) share price has fallen 6.5% to $9.04 despite the sleep treatment company releasing a solid quarterly update. ResMed posted a 22% increase in adjusted net income of US$101.6 million, but it seems some investors were expecting an even stronger result. I feel this could be a good opportunity to snap up shares at a cheaper price.
The Syrah Resources Ltd (ASX: SYR) share price has tumbled over 5% to $2.66. This latest decline means the graphite miner's shares have now fallen over 15% since this time last week. Investors have been heading to the exits after production at its Balama project was pushed back to October and its construction budget increased.
The Skydive the Beach Group Ltd (ASX: SKB) share price is down 4% to 61 cents despite the adventure company announcing the acquisition of Byron Bay Ballooning this morning. Management expects the acquisition to add approximately $200,000 in EBITDA per year. The acquisition was made in cash and on a multiple of 4x earnings.
