The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to spend another day in the red. In afternoon trade the benchmark index is down almost 0.5% to 6,212.5 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Asaleo Care Ltd (ASX: AHY) share price has plunged 34% to 86.2 cents after the personal care products company downgraded its full-year guidance. Following a weak first-half due to lower sales and increased input costs, management has downgraded its underlying FY 2018 EBITDA guidance to the range of $80 million to $85 million. Its prior guidance was for underlying EBITDA in the range of $113 million and $119 million. While its shares look cheap, I would stay well clear of Asaleo Care.
The Whitehaven Coal Ltd (ASX: WHC) share price has dropped over 3.5% to $5.28 a day after the release of the coal miner's quarterly update. One broker that didn't see enough in the result to continue recommending it as a buy was Credit Suisse. This morning it downgraded Whitehaven Coal's shares to a neutral rating from outperform with a $5.00 price target.
The WiseTech Global Ltd (ASX: WTC) share price has fallen over 3.5% to $16.99 despite there being no news out of the logistics software company. A number of tech shares trading on sky-high earnings multiples have come under pressure today.
The Woodside Petroleum Limited (ASX: WPL) share price has dropped 2.5% to $34.75 after heavy declines in oil prices overnight. According to Bloomberg, WTI crude oil dropped 4.2% to US$68.00 a barrel and Brent crude oil fell 4.5% to US$71.94 a barrel. Oil prices fell in response to concerns over increasing supply from both Saudi Arabia and the United States. Woodside Petroleum isn't the only share impacted. Many of Australia's leading energy producers are sinking lower today.
