The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen heavily on Tuesday following a selloff on Wall Street overnight. In early afternoon trade the benchmark index is down a sizeable 0.9% to 5,607.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down over 4% to $12.29. The fintech star's shares have come under heavy selling pressure today after a selloff of tech shares on Wall Street's Nasdaq index overnight. The Australian information technology sector is down 2% in afternoon trade.
The Caltex Australia Limited (ASX: CTX) share price has fallen over 6% to $25.34 after the fuel retailer provided its guidance for the 12 months ending December 31. According to the release, Caltex expects its Replacement Cost Operating Profit (RCOP) net profit after tax to be between $533 million and $553 million in FY 2018. This compares to FY 2017's RCOP profit of $638 million. The decline in earnings has been caused largely by the underperformance of its Lytton refinery due to a lower Caltex Refer Margin and an unplanned outage in October.
The Kidman Resources Ltd (ASX: KDR) share price has tumbled almost 7% lower to $1.28. This morning the lithium miner announced that its Covalent Lithium joint venture has completed an integrated pre-feasibility study for the Mt Holland Lithium Project. Although the study has confirmed the compelling business case for an integrated mine-to-refinery project producing refined, battery grade lithium hydroxide, investors appear to have been expecting an even stronger case.
The REA Group Limited (ASX: REA) share price is down 3% to $71.90 after the property listings company named its new chief executive officer. According to the release, REA Group has promoted its chief financial officer Owen Wilson to the top job. Wilson will replace Tracey Fellows who is stepping down from her role as CEO in January 2019 to join News Corp.
