Why these 4 ASX shares have been smashed today

The Appen Ltd (ASX:APX) share price is one of four being smashed on the ASX on Thursday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been another bitterly disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the index is down 2.1% to 5,923.5 points.

Four shares that have fallen more than most today are listed below. Here's why they have been smashed:

The Appen Ltd (ASX: APX) share price is down almost 10% to $11.32. Appen is just one of a number of popular tech shares that have come crashing down to earth on Thursday following the broad market selloff. This is likely to be because as bond yields widen and the risk-free rate increases, investors are less willing to pay over the odds for shares. The good news is that I think Appen's shares are starting to look reasonably priced now.

The LiveHire Ltd (ASX: LVH) share price has plunged 11% lower to 49 cents. As I mentioned above, tech shares trading on nosebleed valuations have been hit hard today. I'm surprised that LiveHire hasn't fallen harder given that it finished FY 2018 with annual recurring revenues of just $1.35 million and has a market capitalisation of over $130 million.

The MNF Group Ltd (ASX: MNF) share price has continued its poor run and is down 5% to $4.65. On Wednesday the provider of internet-based telecommunication services released underwhelming guidance for FY 2019 and FY 2020. Management advised that its earnings per share is expected to rise just 7.3% this year before accelerating to between 16.5% and 28% growth in FY 2020. Investors don't appear to believe that this level of growth justifies the premium its shares trade at.

The Syrah Resources Ltd (ASX: SYR) share price has tumbled 7% to $1.84 following the release of its quarterly update. Today's update confirmed fourth quarter production targets between 30kt and 35kt, down from its previous target of 63kt. It also advised that it is now targeting positive cash flows from its Balama operations in the first quarter of 2019, rather than late 2018 as previously flagged.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended MNF Group Limited. The Motley Fool Australia owns shares of Appen Ltd. 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.

More on Share Market News

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Broker Notes

These ASX 200 shares could rise 20% to 50%

Big returns could be on the cards for owners of these shares according to analysts.

Read more »

rising gold share price represented by a green arrow on piles of gold block
Share Gainers

Here are the top 10 ASX 200 shares today

It was a horrible way to end the trading week today for ASX investors.

Read more »

Piggy bank sinking in water symbolising a record low share price.
52-Week Lows

9 ASX 200 shares tumbling to 52-week lows today

Israel's strike on Iran on Friday dragged several ASX 200 shares to new depths.

Read more »

Female miner smiling at a mine site.
Share Gainers

Up 834% in a year, guess which ASX mining stock is hitting new all-time highs today

The ASX mining stock has gone from strength to strength over the past year.

Read more »

Broker written in white with a man drawing a yellow underline.
Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why COG, Karoon Energy, Netwealth, and Pilbara Minerals shares are dropping today

These ASX shares are ending the week deep in the red. But why?

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Fiducian Group, Northern Star, Paradigm, and Santos shares are charging higher

These shares are avoiding the market selloff.

Read more »

Dollar sign in yellow with a red falling arrow in front of a graph, symbolising a falling share price.
Share Market News

Why did the ASX 200 just sink to new 2-month lows on Friday?

It’s been a rocky week for the ASX 200. But why?

Read more »