It has been a day of ups and downs for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Tuesday. In afternoon trade the index has just dropped into the red and is down by 2 points to 6,188.1 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Appen Ltd (ASX: APX) share price has dropped almost 3% to $23.11 despite there being no news out of the language technology data and services provider. However, Appen's recents $285 million placement of shares settled on Monday. As these new shares were placed at $21.50 each, some investors may have decided to offload them for a quick profit.
The Caltex Australia Limited (ASX: CTX) share price has dropped almost 4% lower to $27.44 after the release of a disappointing update. In the first quarter the company's Retail Fuel Margins have softened due to the rebound in the crude oil price and competitor activity. Because of this, the company expects a Total Fuel and Shop Margin range of $160 million to $170 million for the quarter. This will be a decline of $35 million to $45 million compared to the prior corresponding period.
The New Hope Corporation Limited (ASX: NHC) share price has tumbled 11% lower to $3.93 following the release of the coal miner's half year results. In the first half New Hope posted a 21% increase in revenue to $616.7 million and a 33% lift in net profit after tax before one-offs to $159.8 million. Including the one-offs, net profit rose just 4% to $120.2 million.
The Wagners Holding Company Ltd (ASX: WGN) share price has crashed 17% lower to $2.72 after advising that it has suspended its cement supply agreement with major customer, Boral Limited (ASX: BLD). Wagners has suspended the agreement whilst it disputes a pricing notice filed by Boral for cement supply from a competitor at a significantly lower price than its current agreement. Wagners can either price match or suspend its supply.
