After a solid start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its gains and sunk notably lower. In afternoon trade the benchmark index is down 0.5% to 6,067 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 Ainsworth Game Technology Limited (ASX: AGI) share price has plunged almost 37% to $1.23 after the gaming technology company released a disastrous trading update. According to the release, competitive activity and regulatory approval delays have led to the underperformance of its domestic business. As a result, it has cut its full-year profit before tax guidance from at least $58.4 million to just $36 million. This will be a 37.2% decline year-on-year.
The ASX Ltd (ASX: ASX) share price is down 2% to $60.11. Today’s decline is likely to be attributable to a broker note out of Deutsche Bank. According to the note, its analysts have downgraded the Australian stock exchange operator to a sell rating from hold with a price target of $55.90. The broker made the move on valuation grounds.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has continued its decline and is off a further 8% to a new multi-year low of $2.73 despite there being no news out of the embattled investment company. Earlier this week Blue Sky sold some childcare assets at a significant discount to their carrying value. This appears to have investors concerned that Glaucus was spot on with its assumptions.
The Myer Holdings Ltd (ASX: MYR) share price has given back some of its recent gains and is down 7% to 43.7 cents. Earlier this week the department store operator’s shares were on fire after it emerged that several insiders had been buying shares on-market. Despite today’s decline, Myer’s shares are still up over 9.2% since this time last week.
It's been a nail-biter of a reporting season here in the first half of 2018.
But the real action, in my opinion, is what companies are doing with dividends.
What does this mean for you? Well there is one stock I've found that could very well turn out to be THE best buy of 2018. And while there's no such thing as a 'sure thing' when it comes to investing - this ripper might come as close as I've ever seen.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of ASX Limited. 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.