In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start the year on a disappointing note. At the time of writing the benchmark index is down 0.6% to 5,610.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they have started the year in the red:
The Catapult Group International Ltd (ASX: CAT) share price is down 2% to 75.5 cents. The sports analytics and wearables company’s shares have come under significant selling pressure over the last 12 months and fallen over 55%. I suspect that investors are a little underwhelmed by the company’s progress and may not be convinced that it will be cash flow positive in the near future.
The Inghams Group Ltd (ASX: ING) share price has dropped almost 3.5% to $3.99 after the poultry company announced the surprise resignation of its chief financial officer. According to the release, Ian Brannan has resigned and will leave the company at the end of his six months’ notice period. No reason has been given for his departure.
The Speedcast International Ltd (ASX: SDA) share price has continued its slide and is down a further 3.5% to a 52-week low of $2.81. Investors have been selling the shares of the provider of remote communication and IT solutions in a hurry after it downgraded its profit guidance for FY 2018 again on Christmas Eve. It now expects underlying EBITDA for FY 2018 to be between US$130 million and US$135 million. This compares to its previous EBITDA guidance in the range of US$135 million to US$145 million and its original guidance of ~$155 million.
The Starpharma Holdings Limited (ASX: SPL) share price has fallen 9% to $1.08 despite the release of a positive update on its VivaGel condom product in Japan. The product has received final regulatory approval and is now able to be marketed in Japan following the completion of the Japanese Pharmaceuticals and Medical Devices Agency review of its medical device classification and associated data.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. 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.