It's been a horror day for local investors with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down a whopping 2.1%, or 110 points. While the pain has been widespread, these four shares are faring even worse today…
Liquefied Natural Gas Ltd (ASX: LNG) experienced a meteoric rise last week on takeover speculation, but its shares have come crashing back to earth. After falling 22.8% on Friday, the shares have lost another 10.6% today. This is possibly due to a pullback in oil prices, while investors may also have realised the shares had run too far, limiting the potential for a takeover approach materialising.
Surfstitch Group Ltd (ASX: SRF) has continued its horror run with investors now piling out of the embattled surf retailer's shares. Investors appear hesitant to give the company another chance, selling its shares down 14.9% today, while they are now trading 86.6% below their 52-week high. That came after the company downgraded its earnings guidance again last week, prompting suggestions that the company could face a class action.
Cover-More Group Ltd (ASX: CVO) shares have lost 7.1% today with the shares now fetching just under $1.38. It's possible that investors believe Brexit fears could impact the plans of international travellers which would, in turn, impact demand for travel insurance (which Cover-More Group sells). The upcoming federal election as well as fears of a potential Trump presidency may also be impacting sentiment for the company's shares.
Appen Ltd (ASX: APX) has also fallen sharply today. At the time of writing, the shares were trading 7.6% lower at $2.30, which is down from a high of $2.50 on Friday. Although there has been no specific news from the company to explain the selloff, it is likely due to some form of profit-taking after a magnificent run by the company's shares recently. The company provides language technology data and services. It still appears to be trading at a reasonable price despite its recent rally.
