Due partly to sizeable declines in the consumer discretionary and telecommunications sectors, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down 0.1% to 5,676 points.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The Ainsworth Game Technology Limited (ASX: AGI) share price is down over 5% to $2.53 despite there being no news out of the company. Fellow gaming technology company Aristocrat Leisure Limited (ASX: ALL) has also tumbled lower today, possibly in response to the U.S. tech sell-off overnight.
The Bubs Australia Ltd (ASX: BUB) share price has fallen almost 5% to 51 cents despite there being no news out of the infant formula company. I suspect today's decline may relate to profit-taking following a few days of strong gains for its shares. Whilst I think Bubs could have enormous potential, I feel its shares are about fair value now.
The Harvey Norman Holdings Limited (ASX: HVN) share price has tumbled 3.5% to $3.84. Today's decline could be down to the fact that short sellers are targeting the retailer ahead of Amazon's launch in Australia. I would suggest investors stay away from Harvey Norman no matter how cheap its shares may look.
The Premier Investments Limited (ASX: PMV) share price has dropped 4.5% to $12.81. Although there were a number of positive research notes out this morning following Monday's results release, investors appear to have focused on a less than bullish note out of Morgan Stanley. According to the note, the broker has retained its equal-weight rating and cut its price target to $13.20. Its analysts appear concerned that the company's core brands could act as a drag on its future performance.
