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Why these 4 ASX shares have sunk like stones today

It certainly has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 2.2% to 5,703.1 points.

Four shares that have fallen more than most today are listed below. Here’s why they are sunk like stones:

The AMP Limited (ASX: AMP) share price has crashed 18% lower to $2.70. This morning the financial services company announced the completion of its portfolio review and provided an update on its third quarter cash flows. In respect to the former, following the review AMP has decided to sell its wealth protection and mature businesses. And for the latter, AMP reported a disappointing $1.5 billion net cash outflow for its Australian wealth management business during the last quarter.

The Blackmores Limited (ASX: BKL) share price is down 3% to $122.16 following the release of its first quarter update. The health supplements company has had a reasonably solid first quarter with sales growth being seen across the business. But this wasn’t enough to stop its shares from being dragged lower by the market selloff today.

The Shriro Holdings Ltd (ASX: SHM) share price has plunged 26% lower to 69 cents after the appliance manufacturer downgraded its profit guidance yet again. Subdued market conditions have been blamed for its poor performance. Management expects net profit after tax to be between $7 million and $8 million, with EBITDA between $14.5 million and $15.5 million. This will be a substantial reduction on the previous year.

The Super Retail Group Ltd (ASX: SUL) share price has continued its slide and is down a further 8% to $7.68. Investors appear concerned by the retirement on its CEO early next year and the disruption that this may have on the company’s current transformation plans. While I think that this is a buying opportunity, it might be best to let the dust settle before making a move.

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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 Blackmores Limited. The Motley Fool Australia owns shares of Super Retail Group Limited. 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.

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