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Why these 4 ASX shares sank like stones today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has its sights set on the 6,000 points mark again. At the time of writing the index is up 0.5% to 5,994 points.

Four shares that haven’t been able to follow the market higher are listed below. Here’s why they have sunk like stones:

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has continued to slide lower, this time by 4% to $11.43. Today’s decline is likely to be attributable to a research note out of the equities desk of Macquarie this morning. Its analysts downgraded the healthcare company to an underperform rating with a NZ$12.00 ($10.83) price target.

The Lithium Power International Ltd (ASX: LPI) share price has fallen 14% to 56 cents after announcing the completion of its fully underwritten $15 million placement. The company has also decided to enter into an underwriting agreement that will see its listed options exercised at 55 cents per share to raise a further $20.6 million before costs.

The Webjet Limited (ASX: WEB) share price has plunged 10% to $10.64 on the day of its annual general meeting. Despite management advising that the company is on track to deliver TTV of $3 billion and EBITDA of $80 million in FY 2018, it appears the market was expecting more. Webjet could be worth a look after this decline.

The Zelda Therapeutics Ltd (ASX: ZLD) share price has fallen 3% to 10.7 cents. On Tuesday the shares of the biotech company with a focus on medicinal cannabis rocketed higher despite there being no news out of it. Today it appears traders are taking profit after the company revealed there was nothing material to explain the share price rise.

Need a lift after these declines? Then grab these hot stocks before they take off.

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Motley Fool contributor James Mickleboro has no position in any of the 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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