The S&P / ASX200 (ASX: XJO) is down 1.7% today after shares on Wall Street tanked overnight on over-valuation concerns and as investors worry rising US interest rates could sink growth shares further. On the ASX there are several businesses falling even further than the market today, so let's take a look at what might be causing investors to hit the sell button.
The Elders Ltd (ASX: ELD) share price is down 11% today after gaining around 18% yesterday as investors continue to digest it posting a full year underlying profit of $63.7 million on underlying EBITDA of $79 million for the 12-month period ending September 30, 2018. Elders also paid 18 cents per share in total dividends over the year. Yesterday's profit was ahead of analysts' expectations, but the selling today is probably due to some investors taking profits as shares approached multi-year highs.
The Lendlease Group (ASX: LLC) share price is down 5% to $12.69 today after the giant construction group warned last Friday it had identified "further underperformance in the financial position of its Engineering and Services Business". As a result it warned that it will 'take a provision" for $350 million after tax in reporting its financial results for the six-month period ending December 31, 2018.
The Westpac Banking Corp (ASX: WBC) share price is down $1.50 or 5.4% to $26.23 today, but shareholders shouldn't worry too much as the stock went without the rights to its 94 cents per share dividend payment today. Shares will normally fall around the value of their dividend payment on the day they go ex-dividend. Westpac does face other issues though as Australian house price falls in Melbourne and Sydney look to be accelerating.
The WiseTech Global Ltd (ASX: WTC) share price is down 4% to $15.10 today, despite the cargo software logistics business releasing no specific news to the market. WiseTech's shares are probably falling in line with the tech-heavy NASDAQ index in the US as short-term traders and sentiment send the shares lower.
