Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has not been able to build on yesterday's gain and has sunk lower during trade on Tuesday. At the time of writing the benchmark index is down almost 0.5% to 5,932 points.
Four shares falling more than most today are listed below. Here's why they have tumbled lower:
The Bingo Industries Ltd (ASX: BIN) share price has fallen 5.5% to $2.71 after the Queensland government announced plans to reintroduce a levy on operators that have been using the state as a dumping ground for commercial waste. Interestingly, last month Goldman Sachs suggested that such a move would be a positive. Stating that it would "likely be neutral to net positive for BIN provided landfill and recycling center gate fees rise due to the additional c.1mt of waste that would stay in NSW. It should also present the opportunity for BIN to enter the QLD market as a reasonable waste levy will support recycling centre economics." So perhaps today's sell-off is a buying opportunity.
The Galaxy Resources Limited (ASX: GXY) share price has dropped 2.5% to $3.34. Almost all of Australia's leading lithium miners have been caught up in today's broad sell-off. Galaxy has possibly been one of the worst performers in the industry due to the strong gains it made last week. Traders may be taking profit off the table today.
The SEEK Limited (ASX: SEK) share price has fallen 2.5% to $20.12 after Morgans downgraded the job listings company to a reduce (sell) rating from hold. The broker also reduced its price target on SEEK's shares to $19.07 amid concerns that the imminent launch of Google for Jobs in Australia could hit its profits in the short term. I think the broker makes a valid point and believe investors ought to consider locking in their gains.
The TPG Telecom Ltd (ASX: TPM) share price has tumbled 4.5% to $5.76 following the release of its half-year results. Although the telco company upgraded its EBITDA guidance slightly for the full-year, investors appear disappointed that its first-half EBITDA was flat on the prior corresponding year.
