The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading firmly in negative territory ahead of the RBA's first rate decision of the year. At lunchtime, the benchmark index has broken under 5,600 points and is trading 0.44% lower to 5,590 points.
The biggest drags on the market today have come from the financials and consumer discretionary sectors with some support coming from the gold and industrials sectors.
Four shares that have been under serious selling pressure today include:
Macquarie Group Ltd (ASX: MQG)
Shares of Macquarie have slid more than 3% today after the company provided a fairly subdued December quarterly update. Trading conditions across the group were described as 'satisfactory' and management expects full-year earnings will be broadly in line with last year's result. Although some analysts were hoping for an earnings surprise this quarter, the investment bank remains well placed to grow strongly over the medium-term.
Mobile Embrace Ltd (ASX: MBE)
Shares of Mobile Embrace have been wiped out today after the mobile payments company announced another profit downgrade. The company has blamed a range of external factors on the earnings downgrade that will see first-half EBITDA fall by around 50%. Investors haven't wasted time punishing Mobile Embrace with the shares trading 49% lower to just 6.9 cents.
InvoCare Limited (ASX: IVC)
Shares of InvoCare have shed around 3% of their value today after the funerals company announced that it will be exiting its U.S. start-up business. The company has struggled to gain any traction since it entered the highly competitive market nearly two years ago and conceded it was unlikely to break-even by its mid-2018 target date. Investors will now be keen to see if InvoCare pivots towards a new growth strategy.
Sonic Healthcare Limited (ASX: SHL)
Shares of Sonic Healthcare have dropped nearly 2% today, despite announcing that it has entered into two partnerships with major hospital systems in the U.S. On the surface this appears to be good news, but since the financial details of the arrangements are to remain confidential, some investors may be questioning whether or not these partnerships are actually in the best interest of Sonic. Nonetheless, both joint ventures are expected to become effective from April 2017.
