In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the U.S. market lower and is down a massive 3.3% to 5,827 points.
Four shares that have fallen more than most today are listed below. Here's what you need to know:
The A2 Milk Company Ltd (ASX: A2M) share price has tumbled 6.5% to $7.72. A number of growth shares trading on high multiples have been cut down to size today during the market meltdown. As I said earlier, I think this has potentially created a buying opportunity for investors. However, it might be prudent to wait and see how international markets fare overnight before snapping up shares.
The Auscann Group Holdings Ltd (ASX: AC8) share price has plunged 11% to $1.29. This is the second day in a row of major declines for the medicinal cannabis company and I can't say I'm surprised. Although AusCann could have a bright future if it becomes a market leader in the industry in Australia, a significant amount of growth had been built into its shares already. This put them at the high-end of the risk scale.
The Magellan Financial Group Ltd (ASX: MFG) share price is down over 7% to $24.95 following the release of its half-year results. Although Magellan delivered a strong result which saw management and services fees rise 22% compared to the prior corresponding period to $178.9 million, the fund manager's exposure to U.S. equities has dragged its shares lower today.
The Macquarie Group Ltd (ASX: MQG) share price has fallen 6% to $97.61 after releasing its operational briefing. According to the release, trading conditions across the company were satisfactory in the December 2017 quarter. As a result, management expects its FY 2018 result to be up approximately 10% on FY 2017. This outlook is subject to factors including share market conditions. Which may explain today's decline.
