The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to have a disappointing end to the week. In afternoon trade the index is down 0.7% to 5,747 points.
Four shares which are ending the week deep in the red are listed below. Here's why they have sunk lower today:
The Apiam Animal Health Ltd (ASX: AHX) share price has plunged 30% to 80 cents after the veterinary products and services provider released a trading update. Although the company looks set to have a solid second-half, an increasing cost base and weaker margins appears to have the market concerned. Whilst it looks cheap now, I believe there are better options in the industry.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 5% to $4.82 after the iron ore price slid lower again overnight. Increasing stockpiles at Chinese ports appears to have traders worried that demand for the steel-making ingredient could soon soften. Although its share price has fallen sharply this year, I think it could still fall lower if iron ore prices weaken.
The Select Harvests Limited (ASX: SHV) share price has dropped 9% to $4.38 after the leading almond producer warned that a weaker-than-expected crop would materially impact its full-year earnings. Unfortunately this means that Select Harvests' shares are now down 35% year-to-date.
The Thorn Group Ltd (ASX: TGA) share price has tumbled 4% to $1.19 following the release of its full-year results. A subdued outlook for the year ahead and a cut to its dividend appear to be the reason behind today's drop. Whilst its shares do look now look dirt cheap, it is worth remembering that they are cheap for a reason. A class action and a rise in the number of customers behind on their repayments are just two risks the company faces.
