The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is a sea of red again on Tuesday. In early afternoon trade the benchmark index is down over 0.8% to 5,646.1 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking like stones:
The Altium Limited (ASX: ALU) share price has fallen over 7% to $21.88. Altium is one of a number of tech shares sinking lower on Tuesday following heavy declines on the Nasdaq overnight. According to the Financial Times, the catalyst for this selloff was a flare-up of tensions between the United States and China at a “fractious Asia Pacific Economic Cooperation summit over the weekend.”
The Fletcher Building Limited (ASX: FBU) share price has plunged 9% lower to $4.71 after the building materials company released its guidance for FY 2019 at its AGM. Management warned that first-half EBIT before significant items will be 10% lower than the prior corresponding period. This has been blamed on challenging Australian trading conditions and the timing of house sales in the Residential Division to date. Its guidance for the full year was not much better.
The Integrated Research Limited (ASX: IRI) share price has crashed 12% lower to $2.15 after the experience management solutions provider announced the surprise departure of its CEO John Merakovsky. According to the release, Mr Merakovsky has tendered his resignation as he wishes to return to his home in Melbourne for family reasons. This decline leaves Integrated Research’s shares hovering just above a two and half year low after a difficult 12 months.
The Primary Health Care Limited (ASX: PRY) share price has dropped 4.5% to $2.35. Today’s decline is likely to be attributable to a note out of Goldman Sachs which declared Primary Health Care’s shares as a sell with a $2.23 price target. The broker believes that a light flu season could have impacted the leading pathology and GP network operator.
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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 Altium. The Motley Fool Australia has recommended Integrated Research 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.