It was a rollercoaster day for the All Ordinaries (Index: ^AORD) (ASX: XAO), but the index finally managed to close up 0.2% at 5,305.50.
No so for these 4 stocks, which saw their share prices crumble…
1-Page Ltd's (ASX: 1PG) share price crashed down 13.4% to $3.55, despite yesterday's announcement that it had signed up US coffee giant Starbucks on one of its platforms. It seems some investors may have finally realised that a market cap of close to $400 million might be an expensive price for a company that generated just $158,900 in revenues in the half year ending July 2015. 1-Page certainly has plenty of potential, but the share price may have been bid up well ahead of expectations.
Slater & Gordon Limited (ASX: SGH) saw its share price sink 12.1% to $2.68, as the law firm announced that as a result of a slower start to the year than expected, operating cash flow for the first half of this financial year was expected to be negative $30-$40 million – although a strong recovery is forecast for the second half. Investors obviously didn't like that news much.
Liquefied Natural Gas Ltd (ASX: LNG) share price dropped 11.6% to $1.30 and are now a far cry from the $5.00 they hit back in May this year. Falling oil prices have put pressure on the company, which is building an LNG export plant in the US. Concerns have also arisen over the lack of offtake agreements for all the company's LNG product – essential to get the bankers to cough up the necessary capital to fund the project.
Pacific Smiles Group Ltd (ASX: PSQ) saw its share price fall 10.4% to $2.24. A dental practice aggregator, Pacific Smiles listed on the ASX late last year and currently owns and operates 51 centres. At its AGM yesterday, managing director John Gibbs reported that trading was softer than expected, with same centre patient fee growth of 3.8% compared to over 5% the company had forecast in its prospectus. As a result, earnings are expected to be near the lower end of its previous guidance.
