In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back yesterday's gains and is lower by almost 0.5% at 6,181.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen 5.5% to $14.19 following the release of a broker note out of Goldman Sachs. Although the broker has retained its buy rating on the infant formula company's shares, it has slashed its price target by 18% to $21.00. Goldman made the move on the belief that Bellamy's CFDA approval could be delayed for a few months and negatively impact its sales in FY 2019.
The Class Ltd (ASX: CL1) share price has plunged almost 11% to $2.22 following the release of a yet another disappointing quarterly update. For the three months ending June 30, Class added just 5,158 accounts to lift its total accounts to 169,413. This came despite the company's aggressive marketing campaign and generous introductory offer for new customers.
The Platinum Asset Management Limited (ASX: PTM) share price has tumbled a sizeable 8.5% to $5.36 after the fund manager was the subject of a reasonably bearish broker note out of Morgan Stanley. Although the broker has retained its equal-weight rating, it slashed its price target down from $7.00 to $6.00 after adjusting its earnings forecasts due to the impact of several performance headwinds.
The Silver Chef Limited (ASX: SIV) share price has sunk a massive 19% to $3.14 following the release of a shareholder update. According to the release, lower than expected growth in the final quarter within the Hospitality segment means that underlying pre-tax profit is now expected to be within the range of $17 million to $18 million. Previous guidance for the segment had been for the range of $20 million to $24 million. As a result, management expects the company to report an FY 2018 statutory loss that "will be substantially greater than the previous FY18 net profit after tax guidance of between $9 million and $12 million."
