Why these 4 ASX shares are ending the week in the red

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed U.S. markets lower and is down 1.2% to 5,903 points.

Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:

The Altium Limited (ASX: ALU) share price is down 4% to $19.99 despite there being no news out of the software-as-a-service company. But with its share price up sharply following the release of an impressive half-year result, I suspect that some investors are taking profit of the table today. When the dust settles this could potentially be a buying opportunity.

The Amaysim Australia Ltd (ASX: AYS) share price has tumbled 7% to $1.33. Investors continue to head to the exits in their droves after the telco company delivered a half-year result well below expectations. I have been bullish on Amaysim before, but this result has unfortunately turned me into a bit of a bear now.

The Orocobre Limited (ASX: ORE) share price has fallen 4.5% to $5.87. Almost all the lithium miners have taken a tumble today as Morgan Stanley’s bearish research note continues to weigh heavily on sentiment. The broker has tipped lithium prices to halve in value by 2021 due to its view that supply of the metal will increase significantly from Argentina and Australia in the near future.

The Syrah Resources Ltd (ASX: SYR) share price has dropped 4.5% to $3.21 after the graphite miner warned that production at its Balama project would be lower than expected due to an issue with its machinery. According to the release, the dryer of the fines graphite circuit has caused damage to the fines dryer refractory bricks and the flame tube. Production is expected to be reduced to approximately 65% of the planned volume during the next 8 weeks whilst it is being fixed.

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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 Altium. 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 Scott Phillips.

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