In afternoon trade the S&P/ASX 200 index is on course to finish the week on a disappointing note. At the time of writing the benchmark index is down 0.2% to 6,803.6 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 GUD Holdings Limited (ASX: GUD) share price has fallen 4% to $10.19 after the release of the products company's full year results. GUD reported 9% lift in revenue from continuing operations and a 10% increase in underlying profit. Whilst this was a solid result, its guidance was a little underwhelming. Management said it expects "further revenue and EBIT growth in both the automotive and water businesses, although economic sentiment and recent demand suggests growth will be modest."
The OceanaGold Corp (ASX: OGC) share price has sunk almost 7% to $3.94 following the release of an update on both its performance during the second quarter and activities at its Didipio operation in the Philippines. OceanaGold had a reasonably mixed quarter and looks as though it will struggle to meet its costs guidance. Especially after revealing that the Provincial Court of Nueva Vizcaya has denied its injunction request to end the unauthorised restraint of the Didipio operation.
The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 2% to 48 cents a day after the release of its quarterly update. Investors appear to have been spooked by a note out of Credit Suisse this morning. Although the broker has held firm with its outperform rating and trimmed the price target to 90 cents, it suggested that things could get worse before they get better for the lithium miner.
The Sonic Healthcare Limited (ASX: SHL) share price has dropped 3% to $27.35 after being the subject of a bearish broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the healthcare company's shares to an underperform rating and cut the price target on them to $24.20. Its analysts made the move after looking through industry data.
