In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of yesterday’s gains. At the time of writing the benchmark index is down 0.2% to 6,176.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The 4DS Memory Ltd (ASX: 4DS) share price has crashed a massive 40% lower to 6.9 cents after the memory storage developer provided an update on its collaboration with imec. The two parties are working together to develop a production-compatible process for the 4DS Interface Switching ReRAM technology, but appear to have had a few issues with the first iteration.
The Brickworks Limited (ASX: BKW) share price is down 5% to $16.27 after the release of its full year results. Although the building supplies company posted a record underlying net profit of $223.7 million, up 14% from the prior year, investors appear to be disappointed with its FY 2019 outlook. Management advised that sales have been patchy and pointed the finger at the banks.
The Premier Investments Limited (ASX: PMV) share price has dropped 2% lower to $19.07 after the retail conglomerate’s full year results came in below expectations. Although the Smiggle and Peter Alexander brands continued their strong form, the rest of its portfolio was mixed. I think Premier Investments’ shares are overvalued at these levels and believe there are better options elsewhere in the sector.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price has tumbled 5.5% to $24.21 following the release of the investment house’s full year results. In FY 2018 Washington H. Soul Pattinson posted a regular profit after tax of $331.1 million, up 17.4% on the prior period. While I felt this was a strong result, I suspect the market had priced in an even stronger one judging by its year-to-date share price gain.
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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 and has recommended Premier Investments Limited and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Brickworks. 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.