It has been another bitterly disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the index is down 2.1% to 5,923.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have been smashed:
The Appen Ltd (ASX: APX) share price is down almost 10% to $11.32. Appen is just one of a number of popular tech shares that have come crashing down to earth on Thursday following the broad market selloff. This is likely to be because as bond yields widen and the risk-free rate increases, investors are less willing to pay over the odds for shares. The good news is that I think Appen's shares are starting to look reasonably priced now.
The LiveHire Ltd (ASX: LVH) share price has plunged 11% lower to 49 cents. As I mentioned above, tech shares trading on nosebleed valuations have been hit hard today. I'm surprised that LiveHire hasn't fallen harder given that it finished FY 2018 with annual recurring revenues of just $1.35 million and has a market capitalisation of over $130 million.
The MNF Group Ltd (ASX: MNF) share price has continued its poor run and is down 5% to $4.65. On Wednesday the provider of internet-based telecommunication services released underwhelming guidance for FY 2019 and FY 2020. Management advised that its earnings per share is expected to rise just 7.3% this year before accelerating to between 16.5% and 28% growth in FY 2020. Investors don't appear to believe that this level of growth justifies the premium its shares trade at.
The Syrah Resources Ltd (ASX: SYR) share price has tumbled 7% to $1.84 following the release of its quarterly update. Today's update confirmed fourth quarter production targets between 30kt and 35kt, down from its previous target of 63kt. It also advised that it is now targeting positive cash flows from its Balama operations in the first quarter of 2019, rather than late 2018 as previously flagged.
