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.
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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 Altium and NATVETCARE FPO. 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.