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Why these 4 ASX shares are tumbling lower today

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down a further 0.1% to 6,028 points.

Four shares which have fallen more than most today are listed below. Here’s why they have taken a tumble:

The Greencross Limited (ASX: GXL) share price is down almost 5% to $3.98 despite there being no news out of the integrated pet care company. Greencross has come under significant pressure of late after its veterinary businesses underperformed expectations. With short sellers targeting the company, I would suggest investors stay clear of the company until there’s a big improvement in its performance.

The LiveHire Ltd (ASX: LVH) share price has tumbled 4.5% to 62 cents. There was no news or broker notes relating to LiveHire today as far as I’m aware. However, I suspect that many investors are concerned with the company’s financial performance. In the most recent quarter cash receipts fell 16% to just $454,000. This is despite the company targeting a market worth an estimated US$240 billion per annum.

The Somnomed Limited (ASX: SOM) share price has slumped 11% to a 52-week low of $2.40. This morning the sleep treatment company provided a trading update which revealed that group revenues in FY 2018 are expected to grow by a sizeable 32% to 34% year-on-year to $65 million to $66.2 million. However, despite this strong growth the company expects to post an EBITDA loss of between $6.6 million and $7.4 million.

The Technology One Limited (ASX: TNE) share price has continued its slide and is down a further 4.5% to $4.36. The enterprise software company’s shares have come under heavy selling pressure since the release of a weak first-half result. A note out of the Macquarie equities desk today has added to the negative sentiment. According to the note, the broker has downgraded Technology One’s shares from an outperform rating to neutral.

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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 Greencross 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.

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