Why these 4 ASX shares have fallen deep into the red today

The Santos Ltd (ASX:STO) share price is one of four sinking deep into the red on Wednesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is on course to makes it three days of declines in a row and is down 0.15% to 6,033 points.

Four shares that have fallen more than most today are listed below. Here's why they have fallen deep into the red:

The Myer Holdings Ltd (ASX: MYR) share price is down 5.5% to 44.5 cents. After the market closed on Tuesday the embattled department store operator released a response to recent criticism from Premier Investments Limited (ASX: PMV). The response doesn't appear to have been sufficient to convince some shareholders that things will improve under its new leadership.

The Oliver's Real Food Ltd (ASX: OLI) share price has plunged a massive 47% to 13 cents after the healthy fast food company released a trading update and profit downgrade. Due to weak trading and the underperformance of new stores, the struggling restaurant operator has downgraded its EBITDA guidance by between 31.3% and 37.5% just a matter of weeks after reaffirming it. While I think healthy fast food is a nice concept, I'm not convinced Oliver's will be able to pull it off.

The Santos Ltd (ASX: STO) share price has tumbled 9% to $5.86 after the energy producer rejected Harbour Energy's takeover approach and terminated discussions. The company's independent directors and managing director unanimously resolved to reject the proposal on the basis that that it does not represent the full value of the company and is not in the best interests of shareholders.

The Sirtex Medical Limited (ASX: SRX) share price has fallen 4.5% to $28.46 after the regenerative medicine company advised that Varian Medical Systems would not be coming back with a better takeover offer after CDH Genetech confirmed that its offer was now binding. Some shareholders may have been optimistic that a bidding war would commence.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »