The S&P/ASX 200 index is on course to extend its losses on Tuesday. In afternoon trade the benchmark index is down 0.1% to 6,120.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has fallen 2% to $24.76 despite there being no news out of the company. In fact, the only related news this week has been a positive broker note out of Bell Potter. According to note, the broker upgraded the biopharmaceutical company's shares to a buy rating on Monday.
The Myer Holdings Ltd (ASX: MYR) share price has tumbled 5% to 60 cents on the back of no news. However, the department store operator's shares have been on fire since the release of a better than expected half year result and could have been subjected to some profit taking today. Even after this decline the Myer share price is up 58% since this time last month.
The Pro Medicus Limited (ASX: PME) share price has dropped 5% to $16.12. As with Myer, I suspect that today's decline could be down to some investors taking profit after a stellar share price gain. Prior to today, the healthcare technology company's shares were up 28% in the space of just one month. An impressive half year result was the catalyst for Pro Medicus' strong share price rise.
The Wesfarmers Ltd (ASX: WES) share price has tumbled over 3.5% lower to $33.74 after announcing a $1.5 billion takeover offer for rare earths producer Lynas Corporation Ltd (ASX: LYC). The conglomerate has offered $2.25 cash per share, which is a premium of 44.7% to the last closing price. Lynas has yet to respond to the offer and has placed its shares in a trading halt. Judging by the share price decline, some shareholders don't appear convinced with the company's plans.
