MENU

Why these 4 ASX shares have tumbled lower today

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back yesterday’s gains and is lower by almost 0.5% at 6,181.5 points.

Four shares that have fallen more than most today are listed below. Here’s why they have tumbled lower:

The Bellamy’s Australia Ltd (ASX: BAL) share price has fallen 5.5% to $14.19 following the release of a broker note out of Goldman Sachs. Although the broker has retained its buy rating on the infant formula company’s shares, it has slashed its price target by 18% to $21.00. Goldman made the move on the belief that Bellamy’s CFDA approval could be delayed for a few months and negatively impact its sales in FY 2019.

The Class Ltd (ASX: CL1) share price has plunged almost 11% to $2.22 following the release of a yet another disappointing quarterly update. For the three months ending June 30, Class added just 5,158 accounts to lift its total accounts to 169,413. This came despite the company’s aggressive marketing campaign and generous introductory offer for new customers.

The Platinum Asset Management Limited (ASX: PTM) share price has tumbled a sizeable 8.5% to $5.36 after the fund manager was the subject of a reasonably bearish broker note out of Morgan Stanley. Although the broker has retained its equal-weight rating, it slashed its price target down from $7.00 to $6.00 after adjusting its earnings forecasts due to the impact of several performance headwinds.

The Silver Chef Limited (ASX: SIV) share price has sunk a massive 19% to $3.14 following the release of a shareholder update. According to the release, lower than expected growth in the final quarter within the Hospitality segment means that underlying pre-tax profit is now expected to be within the range of $17 million to $18 million. Previous guidance for the segment had been for the range of $20 million to $24 million. As a result, management expects the company to report an FY 2018 statutory loss that “will be substantially greater than the previous FY18 net profit after tax guidance of between $9 million and $12 million.”

3 Explosive Growth Shares To Buy In FY 2019

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Class Limited and Platinum Investment Management 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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!