Although it has bounced back from its session lows, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week in the red. At the time of writing the index is down 0.3% to 5,926.4 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 3.5% to $12.48. While Afterpay Touch does have a Senate inquiry hanging over it, today's decline is likely to be in response to a tech selloff on Wall Street overnight. The FAANG stocks fell heavily as global trade wars and rising bond yields weighed on investor sentiment.
The LiveHire Ltd (ASX: LVH) share price has plunged 8.5% to 43 cents. On Thursday the talent technology company released its quarterly update which revealed a 22% quarter on quarter increase in annualised recurring revenue to $1.65 million. While this growth is positive, I don't believe it justifies its market capitalisation of well over $100 million.
The Michael Hill International Ltd (ASX: MHJ) share price is down 4.5% to 65 cents. Its shares have tumbled lower this week after the release of a disappointing quarterly update. In the September quarter Michael Hill saw its global sales fall 8.8% on the prior corresponding period to $122.9 million. Management admitted that it underestimated the marketing and promotional activities required to support its strategic shift away from a reliance on discount-based pricing.
The REA Group Limited (ASX: REA) share price has dropped 3.5% to $71.68 despite there being no news out of the property listings company. I suspect that its shares have been caught up in the tech selloff today. With its shares down significantly from their 52-week high, I feel it could be worth considering an investment in REA Group with a long-term view.
