So far today the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to build on yesterday's strong gains. In afternoon trade the index is down by 0.2% to 5,417 points, with the majority of sectors heading lower.
Four shares which have dropped significantly are as follows:
Altium Limited (ASX: ALU) shares are down around 6% to $9.32 today following the release of a research note out of global investment bank UBS. The note revealed that its analysts had downgraded the printed circuit board software provider from a buy to a sell, but maintained its $9.05 price target. The downgrade was done for valuation reasons, with analysts believing its share price had got a little ahead of itself. I believe this sell off brings its shares down to a great entry price for investors.
Alumina Limited (ASX: AWC) shares have dropped over 3% to $1.44 today despite no further news out of the company. Considering its shares had rallied over 15% since it settled its dispute with US-based mining giant Alcoa over their Australian joint venture on Friday, I wouldn't be surprised if there's a spot of profit taking going on today.
Cover-More Group Ltd (ASX: CVO) shares are down in the dumps once again, this time the travel insurance provider's share price has dropped almost 5% to $1.30. This means that Cover-More's shares have now dropped by over 9% since it was announced on Friday that it was being removed from the S&P/ASX 200 index at the next quarterly rebalance on September 16.
Doray Minerals Limited (ASX: DRM) shares have dropped 5% to 73 cents after the Australian gold producer released a project update and production guidance to the market. It would appear as though the market was disappointed with its combined production guidance of 105,000 to 120,000 ounces and an all-in sustaining cost of between $1,300 and $1,400 an ounce. These costs seem quite high to me and will no doubt be a squeeze on margins.
