The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower for a second day in a row and is down 0.3% to 6,264.8 points in afternoon trade.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The Adelaide Brighton Ltd (ASX: ABC) share price has fallen almost 7% to $6.28 after the construction materials and lime producer released its half-year results. Adelaide Brighton delivered half-year revenue of $807.2 million and an underlying interim net profit after tax of $85.2 million. This was an increase of 11.7% and 9.8% on the prior corresponding period. Despite management guiding to full year underlying net profit after tax of between $200 million and $210 million, the market appears to have expected more.
The FlexiGroup Limited (ASX: FXL) share price is down almost 7.5% to $2.13 a day after the release of its full-year results. I suspect that today's heavy decline could just be a case of profit taking after its shares rallied 26% higher on Tuesday. Alternatively, a broker note out of Deutsche Bank today revealed that its analysts have downgraded FlexiGroup's shares to a hold rating from buy with a price target of $2.25.
The Primary Health Care Limited (ASX: PRY) share price has tumbled over 10% to $2.87 after the healthcare company successfully completed its institutional entitlement offer. The institutional entitlement offer raised approximately $157 million at a discount of $2.50 per share. The retail component of the entitlement offer, which has been fully underwritten, is expected to raise a further $93 million.
The Retail Food Group Limited (ASX: RFG) share price has plunged 13.5% to 58 cents. On Tuesday the embattled food and beverage company's shares rocketed higher on the back of no news. This led to the company being hit with a price query by the ASX. The company responded by stating that it doesn't know why its share price suddenly burst higher.
