With almost all sectors sinking lower, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 0.3% to 5,652 points in afternoon trade.
Four shares which have fallen more than most today are listed below. Here's why they are in the red:
The Computershare Limited (ASX: CPU) share price is down 2.5% to $14.18. Today's decline is likely to be attributable to a research note out of Deutsche Bank this morning. According to the note, the broker has downgraded its shares to a sell rating and cut its price target to $13.00. Deutsche appears to believe its expansion into mortgage servicing won't be as fruitful as the market expects.
The Premier Investments Limited (ASX: PMV) share price continues to sink lower, this time by almost 3% to $12.47. Despite the majority of leading brokers being bullish on its prospects due to its Smiggle and Peter Alexander brands, the market as a whole doesn't appear convinced. I think the post-results decline has created a buying opportunity.
The Sundance Energy Australia Ltd (ASX: SEA) share price has tumbled 6.5% to 5.8 cents. I feel today's decline is likely to be the result of a combination of a pullback in the oil price and profit-taking after the energy company's shares jumped 19% higher on Tuesday.
The Yancoal Australia Ltd (ASX: YAL) share price has fallen 4.5% to 10.5 cents after the coal miner revealed that it planned to exercise its option to acquire Mitsubishi Development's 28.9% interest in the Warkworth joint venture for US$230 million. Judging by the share price reaction, shareholders don't appear to believe the company is getting value for money.
