The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is on course to posted a disappointing decline. In afternoon trade the benchmark index is down 0.3% to 6,060 points.
Four shares that have fallen more than most today are listed below. Here's why they have fallen deep into the red:
The Bapcor Ltd (ASX: BAP) share price has crashed 9.5% lower to $5.80 following its half year results release. Bapcor posted half year net profit from continuing operations of $43.1 million on revenue of $636.1 million for the six-month period ending December 31. This was a 9.2% and 5.5% increase, respectively, on the prior corresponding period. In its outlook management warned that trading conditions were challenging, which appears to have spooked the market.
The Carsales.Com Ltd (ASX: CAR) share price is down over 6% to $11.43 after the auto listings company announced a disappointing half year result. During the half the company posted a 17% increase in revenue to $235 million, but a 2% decline in adjusted net profit after tax to $60.2 million. The majority of its revenue growth came from the acquisition of SK Encar in Asia.
The Commonwealth Bank of Australia (ASX: CBA) share price is down over 3% to $70.98. Today's decline is almost entirely attributable to the banking giant's shares trading ex-dividend for its fully franked $2.00 per share interim dividend. Eligible shareholders will receive this dividend in their nominated accounts on March 28.
The CSL Limited (ASX: CSL) share price has dropped 4% to $185.99. This morning the global biotech giant released its half year results and revealed a 10.5% increase in sales revenue to US$4.4 billion and a 6.8% lift in net profit to US$1.2 billion. For the full year, management advised that it was tracking to the upper end of its existing guidance range. I suspect the market was expecting a guidance upgrade.
