In afternoon trade the S&P/ASX 200 index is on course to start the week on a disappointing note. At the time of writing the benchmark index is down 0.45% to 6,896.8 1 points.
Four shares that are falling more than most today are listed below. Here's why they are tumbling lower:
The ARB Corporation Limited (ASX: ARB) share price is down 2.5% to $18.94. This decline appears to be related to a broker note out of Citi this morning. Although it has retained its neutral rating and lifted the price target on its share to $19.45, it warned that it expects sales growth to slow in the second quarter and margin pressure to continue. This led to a downgrade to its earnings forecasts for the 4×4 auto parts company.
The Compumedics Limited (ASX: CMP) share price has fallen 7.5% to 72 cents. Investors have been selling Compumedics' shares after the release of a business update. According to the release, the medical device company has experienced a delay in some sales orders being received in the United States. As a result, its revenue in the first half is expected to be $17.7 million. This is a decline of 5.3% on the prior corresponding period's $18.7 million. Management believes this is a timing issue and the sales have not been lost.
The Coronado Global Resources Inc (ASX: CRN) share price has dropped 2% to $2.26. This morning the coal miner announced that there was an incident at its Curragh mine that fatally injured an employee of Thiess. Queensland Police, the Queensland Mines Inspectorate, and relevant authorities have been advised of the tragic incident and an investigation is underway. Operations at Curragh have been suspended until investigators permit the operations to resume.
The Integrated Research Limited (ASX: IRI) share price has fallen 2% to $3.15. This morning the performance management company released its guidance for the first half. Integrated Research expects revenue to be in the range of $52.5 million to $53.5 million during the half. This represents 4% to 6% growth over the prior corresponding period. Things aren't quite as strong on the bottom line, though. Management expects to report a half year profit after tax in the range of $11.5 million to $12 million. The low end of its profit after tax guidance range represents a decline of 1.7% and the top end implies growth of 2.5%.
