The benchmark S&P/ASX 200 index is on course to finish the week on a disappointing note. In afternoon trade the index is down slightly to 6,379.6 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Bellamy's Australia Ltd (ASX: BAL) share price has given back its morning gains and is down 3% to $10.80. Investors may be taking profit after a stellar share price rally this week and a lukewarm response to its latest development by brokers. According to a note out of Goldman Sachs this morning, it has held firm with its neutral rating and $9.00 price target.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price has tumbled almost 4.5% lower to $42.93 after the release of the first quarter results of U.S. based Domino's Pizza Inc. Although the pizza chain giant delivered a better than expected quarterly result, it revealed that it continues to experience softness in European markets. Investors may be concerned that this means the locally listed Domino's could fall short of expectations again in FY 2019.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has crashed 10.5% lower to $39.49 after the travel agent giant downgraded its full year guidance due to weakness in its Australian leisure business. Flight Centre now expects FY 2019 profit before tax to be between $335 million and $360 million, compared to prior guidance of between $390 million to $420 million. The mid-point of this range represents a 10% decline on the prior corresponding period.
The Fortescue Metals Group Limited (ASX: FMG) share price is down almost 5% to $7.23. Investors may be taking profit off the table amid concerns that iron ore supply will improve in the medium term as Vale starts to bring its operations back on line. The Fortescue share price is up 72% since the start of the year.
