In afternoon trade the S&P/ASX 200 index looks set to end its winning run with a disappointing decline. At the time of writing the benchmark index is down 0.45% to 7,048.7 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The HUB24 Ltd (ASX: HUB) share price is down almost 2% to $11.70 following the release of its half year update. In the second quarter HUB24 posted a 67% increase in quarterly net inflows to $1,259 million. This ultimately led to the investment platform provider recording record first half net inflows of $2.5 billion for the six months ended 31 December. Whilst this was ahead of expectations, it wasn't enough to offset weakness in the tech sector today.
The Kogan.com Ltd (ASX: KGN) share price has dropped a further 5% to $5.85. The ecommerce company's shares have continued to sink lower following the release of a surprisingly disappointing first half update on Monday. Kogan's update revealed that its first half gross sales and gross profit grew 16% and 9%, respectively, over the prior corresponding period. The latter is a sharp slowdown from gross profit growth of 28% in the first quarter. Management didn't provide a thorough explanation for the downturn in sales growth.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has tumbled 3.5% lower to $8.69. This morning analysts at Macquarie downgraded the airport operator's shares to a neutral rating with an $8.68 price target. This follows the release of its December update which revealed improvements in domestic passenger numbers but a decline in international travellers. The broker feels that its shares look fully valued at current levels.
The WiseTech Global Ltd (ASX: WTC) share price is down 3.5% to $23.98 despite there being no news out of the logistics solutions company. However, a number of tech shares have come under pressure on Tuesday. This has led to the S&P/ASX 200 Info Tech index trading 1.3% lower this afternoon.
