In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower after briefly climbing into positive territory. At the time of writing the benchmark index is down by almost 0.1% to 6,031 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 EML Payments Ltd (ASX: EML) share price has fallen 3.5% to $1.24 despite there being no news out of the fintech company. However, its shares have been on a tear recently thanks to changes in sports betting regulations in the United States. This could mean that some investors have decided to take a little bit of profit off the table today.
The ERM Power Ltd (ASX: EPW) share price has dropped a sizeable 13% to $1.60 after the electricity seller provided an update on its Australian and U.S. operations. Although management anticipates its Australian operations exceeding expectations this year, this is likely to be offset by the underperformance of its U.S. operations. According to the release, lower sales volumes and gross margins are to blame.
The Kidman Resources Ltd (ASX: KDR) share price is down 5.5% to $2.27. Almost all lithium miners have dropped deep into the red today after mining giant SQM announced plans to ramp up its production. Kidman Resources has probably been the worst performer of the bunch because its shares rocketed to an all-time high recently on the back of an offtake agreement with Tesla.
The Woodside Petroleum Limited (ASX: WPL) share price has fallen 3% to $32.61 after oil prices gave back some recent gains. According to Bloomberg, WTI crude oil is down to US$70.65 a barrel and the Brent crude oil price is down to US$78.67 a barrel. This is a decline of approximately 1.6% and 1.4% since yesterday.
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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 Emerchants Limited. The Motley Fool Australia has recommended ERM Power 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.