Why BWX, InvoCare, MYOB, and GTN shares crashed lower today

The BWX Ltd (ASX:BWX) share price and the InvoCare Limited (ASX:IVC) share price are two of four crashing lower on Thursday. Here's why…

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended InvoCare 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.

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