The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has sunk lower again after the trade war between the United States and China escalated. In afternoon trade the benchmark index is down 0.6% to 6,220.8 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The AGL Energy Ltd (ASX: AGL) share price has dropped 7% to $21.16 after being the subject of a broker note out of Credit Suisse. Although the broker has retained its neutral rating on the energy company, it has reduced its price target on AGL Energy's shares to $22.90. Its analysts believe that recent cuts to retail prices indicate that competition is heating up. The broker expects increased competition to weigh on its margins.
The Altium Limited (ASX: ALU) share price has plunged 7% to $20.53 after the release of a second bearish broker note in the space of three days. Today it was the turn of UBS to slap a sell rating on the printed circuit board design software company's shares. The broker believes its valuation has become stretched after a strong run and has placed a price target of $18.50 on its shares.
The National Veterinary Care Ltd (ASX: NVL) share price has crashed 10% lower to $2.31 after providing the market with a trading update. According to the release, the veterinary company has had a tough end to the financial year and this has impacted its margins. As a result, it will fall short of its earnings guidance in FY 2018.
The Pendal Group Ltd (ASX: PDL) share price has dropped a further 6% to $9.01 a day after its latest funds under management (FUM) update. That update revealed a surprise decline in FUM from its UK-based JO Hambro business and a reduction in performance fees in Australia. Performance fees from Pendal Australia for FY 2018 are $6.9 million, compared to $9.4 million last year.
