The S&P/ASX 200 index has followed the lead of global markets and sunk lower on Thursday amid concerns that the United States could enter a recession in the near future. At the time of writing the index is down 2.15% to 6,454.4 points.
Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:
The Blackmores Limited (ASX: BKL) share price has sunk 6.5% lower to $77.83 following the release of its full year results. After a very disappointing finish to the year, the health supplements company reported a 1% increase in full year revenue to $610 million and a 24% decline in full year net profit after tax to $53 million. Unfortunately, things look set to get worse before they get better for Blackmores. Management warned that trading conditions remain tough and the first half will be weaker than the prior corresponding period.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has dropped 10.5% to $2.13 after the waste management company's guidance for FY 2020 failed to live up to expectations. In FY 2019 Cleanaway posted an impressive 50% increase in NPATA to $151.2 million. However, it warned that EBITDA in FY 2020 would "moderate slightly from current market expectations."
The InvoCare Limited (ASX: IVC) share price has fallen 6.5% to $14.21 following the release of the funeral company's half year results. Investors appear to have been left disappointed with the company's 5.2% decline in operating earnings after tax. Though it is worth noting that this was largely down to accounting standard changes during the period.
The Orora Ltd (ASX: ORA) share price has crashed 15.5% lower to $2.70 after the packaging company released its FY 2019 results. Although Orora posted a 12.1% increase in sales revenue to $4,761.5 million, its earnings before interest and tax (EBIT) only increased 3.7% to $335.2 million. This was well short of the market's expectation for EBIT of $348 million.
