In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from heavy early declines and is just a fraction lower at 5,849 points.
Four shares that have fallen more than most today are listed below. Here’s why they are starting the week in the red:
The Accent Group Ltd (ASX: AX1) share price is down over 5% to $1.24 despite there being no news out of the footwear retailer. Investors may be concerned that tough retail conditions are putting pressure on its sales growth. At the end of August Accent advised the like for likes retail sales for the first 7 weeks of the second-half were up 4.6%. It holds its annual general meeting in a couple of weeks and is likely to provide a trading update at the event.
The Cochlear Limited (ASX: COH) share price is down 2.5% to $175.00 after the hearing solutions company provided an update on its U.S. patent infringement case. According to the release, damages totalling approximately US$268.1 million (A$372.8 million) have been awarded to Alfred E. Mann Foundation for Scientific Research and Advanced Bionics. Management intends to appeal the judgement, but the outcome of an appeal is not expected to be known for two years.
The CSR Limited (ASX: CSR) share price is down almost 3% to $3.24. Investors have been hitting the sell button in a panic since last week when the building supplies company released its half year results and reported a 31.9% decline in net profit after tax to $94 million. The weaker-than-expected result was caused by a lower contribution from its Property business due to delays in the timing of the Horsley Park site sale.
The Star Entertainment Group Ltd (ASX: SGR) share price has fallen 4% to $4.60. This morning a broker note out of Credit Suisse revealed that it has retained its neutral rating but cut the price target on Star Entertainment’s shares to $5.15. The broker made the move following the release of a mixed trading update out of the casino and resorts operator last week.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group and Cochlear 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.