The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is down a disappointing 0.1% to 5,858.5 points in afternoon trade.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Bubs Australia Ltd (ASX: BUB) share price is down a sizeable 6.5% to 49.5 cents. On Thursday the goats milk infant formula company's shares rocketed higher following the release of its quarterly update which revealed an impressive increase in sales. I suspect that profit taking from day traders could be weighing on its shares today.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price is down 2.5% to $4.67 after the plumbing parts company provided a mixed trading update. Although Reliance reaffirmed its FY 2019 EBITDA guidance, it warned that its earnings would be skewed to the second half due partly to the pattern of earnings at its recently acquired John Guest business. Management also advised that the U.S. Polar Vortex has yet to benefit its business.
The Sundance Energy Australia Ltd (ASX: SEA) share price has tumbled 12.5% to 42 cents after the energy producer released its quarterly update. According to the release, Sundance Energy exceeded its production guidance for full year 2018 after meeting its guidance for the fourth quarter. However, due to the better than expected performance, management warned that higher production volumes have resulted in increased line pressure and capacity constraints at a third-party gas processing facility earlier than planned.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has fallen 4.5% to $10.00 following the release of a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded the salary packaging and fleet management company's shares to an equal-weight rating and slashed the price target on them down from $14.00 to $10.25.
