In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a morning selloff but is still down 0.1% at 5,576 points.
Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:
The BWX Ltd (ASX: BWX) share price has crashed 41% lower to $1.69 after the personal care products company released a trading update. Based on trading to November 30, management expects FY 2019 normalised EBITDA to be in the range of $27 million to $32 million. This compares to its previous guidance of normalised EBITDA in line with FY 2018's $40.3 million. Management has blamed the underperformance on a number of factors including softness in domestic export trading sales to China and the temporary loss of sales momentum in core U.S. brands.
The GTN Ltd (ASX: GTN) share price has plunged 40% lower to $1.06 after the advertising company released its first half EBITDA guidance. According to the release, adjusted EBITDA is expected to be down 10% to 15% on the prior corresponding period. This has been driven by a decline in revenue coupled with an increase in expenses in the company's key Australia segment.
The MYOB Group Ltd (ASX: MYO) share price has dropped over 10.5% to $3.01 after the accounting software company released an update in relation to discussions with private equity firm KKR. According to the update, KKR has revised its offer down approximately 10% from $3.77 per share to $3.40 per share following the completion of due diligence and the finalisation of debt funding commitments.
The InvoCare Limited (ASX: IVC) share price is down 5.5% to $10.32 after one of its rivals revealed that funeral market conditions continue to be weak. The Propel Funeral Partners Ltd (ASX: PFP) trading update blamed the weakness on the funeral industry cycling through a strong prior corresponding period which included a severe flu season. Whereas the 2018 flu season was benign and led to a sharp decline in death rates.
