The S&P/ASX 200 index has taken a tumble again on Wednesday. In afternoon trade the benchmark index is down just over 1% to 6,476.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The A2 Milk Company Ltd (ASX: A2M) share price is down 14% to $13.72 after the infant formula and fresh milk company released its full year results. Although a2 Milk Company delivered another impressive profit result, the market had been expecting even better. In FY 2019 the company reported a 41.4% increase in revenue to NZ$1,304.5 million and a 46.1% increase in EBITDA to NZ$413.6 million. The market consensus estimate for EBITDA was NZ$420.6 million.
The Corporate Travel Management Ltd (ASX: CTD) share price has given back its morning gains and sunk 4% lower to $$19.80. After initially surging higher following its full year results release, investors have now begun selling its shares. This could be due to its guidance for FY 2020. Management expects underlying EBITDA of between $165 million and $175 million (excluding the impact of the new accounting standards), which equates to year on year growth of just 10% to 16.6%.
The Monadelphous Group Limited (ASX: MND) share price has continued its slide and is down a further 7.5% to $16.52. Investors have been selling the engineering company's shares this week following the release of a disappointing full year result. One broker that wasn't impressed was Citi. This morning it downgraded its shares to a sell rating and cut the price target on them to $15.50.
The Nearmap Ltd (ASX: NEA) share price has crashed 11% lower to $2.79. The catalyst for this appears to be the aerial imagery company's full year update which revealed a statutory loss of $14.9 million. This compares to an $11 million loss in FY 2018. The vast majority of this came in the second half when the company posted a second half statutory loss of $12.96 million.
