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Why these 4 ASX shares tumbled lower today

After a rocky start the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back and is up almost 0.1% to 5,944 points in afternoon trade.

Four shares acting as a drag on the market today are listed below. Here’s why they have tumbled lower:

The BHP Billiton Limited (ASX: BHP) share price has tumbled 4.5% to $29.87 after the mining giant’s half-year result fell short of expectations. BHP delivered first-half EBITDA of $11,238 million, up 14% on the prior corresponding period. The market had been expecting EBITDA of $11,530 million for the half. One positive, though, was its sizeable dividend increase to 55 U.S. cents per share. I think BHP is very attractive after today’s decline.

The Fortescue Metals Group Limited (ASX: FMG) share price has dropped 4% to $5.16 after the iron ore producer reported a 44% decline in net profit after tax to $681 million. Fortescue’s performance was impacted by a widening discount between the low-grade ore it produces and the benchmark 62 fines. Like BHP, I think Fortescue could be a good investment option in the resources sector after this decline.

The Vocus Group Ltd (ASX: VOC) share price has fallen 5% to $2.44 a day after the release of the telco company’s disappointing half-year result. One broker that wasn’t overly impressed with its result was Macquarie. A note out of its equities desk today reveals that its analysts have retained their underperform rating and cut the price target on its shares to $2.50 from $3.05.

The WiseTech Global Ltd (ASX: WTC) share price has plunged 22% to $11.42 despite the logistics software platform provider posting a 31% increase in half-year revenue and a 32% increase in EBITDA on the prior corresponding period. Furthermore, management advised that the company is on track to achieve its FY 2018 guidance. I suspect investors had been anticipating a guidance upgrade today.

Need a lift after these heavy declines? Then look no further than these stellar growth shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Vocus Communications Limited. The Motley Fool Australia owns shares of WiseTech Global. 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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