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Why Afterpay, Iluka, Macquarie, & Pro Medicus shares dropped lower today

The S&P/ASX 200 index is fighting hard to keep its head above water on Friday. In afternoon trade the index is down just 1 point to 6,662.7 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 Afterpay Touch Group Ltd (ASX: APT) share price has fallen over 4% to $27.64 despite there being no news out of the payments company. Though, as I mentioned earlier today, its shares have come under significant pressure in recent weeks following a bearish broker note out of UBS. Its analysts have placed a sell rating and lowly $17.25 price target on Afterpay’s shares.

The Iluka Resources Limited (ASX: ILU) share price has dropped almost 4.5% to $8.99 a day after the release of its quarterly update. One broker that wasn’t overly impressed with its update was Ord Minnett. Iluka’s sales volumes were well short of its expectations. In light of this, it has held firm with its hold rating and $8.40 price target.

The Macquarie Group Ltd (ASX: MQG) share price is down 1.5% to $132.06. This morning Macquarie released its half year results and revealed a solid 11% increase in half year profits. While this was strong, it appears as though investors were disappointed that the company didn’t upgrade its full year guidance. Management advised that it continues to expect a full year result slightly down on FY 2019.

The Pro Medicus Limited (ASX: PME) share price has continued its slide and is down a further 7% to $24.75. Investors have been selling the healthcare technology company’s shares since one of its rivals won a major contract in Western Australia last month. Medical imaging software provider Canon signed a $47.2 million contract which will see it roll out a new medical imaging system for WA Health.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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