The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a solid start to the day but has now given back its early gains and more. In afternoon trade the benchmark index is down slightly at to 5,840 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 is down 7% to $7.87 after the infant formula company advised that it expects to hit the low end of its Australian label revenue growth guidance range of 0% to 10% in FY 2019. Due to the disruption caused by the launch of its new product, management expects sales to decline by up to 15% in the first half before improving in the second half. While this is a disappointing update, it wasn't unexpected and could be a buying opportunity for long-term investors.
The Beach Energy Ltd (ASX: BPT) share price is down 5% to $1.59 after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price fell 4.3% to US$66.39 a barrel and the Brent crude oil price tumbled 4.3% to US$76.41 a barrel after Saudi Arabia advised that it was now in "produce as much as you can mode." Almost all energy shares have dropped into the red today.
The Super Retail Group Ltd (ASX: SUL) share price has sunk 10.5% lower to $8.37 after the retailer advised that its CEO would be retiring. This appears to have overshadowed a reasonably positive start to the financial year from its retail businesses. All four of its segments have posted like for likes sales growth during the first 16 weeks of FY 2019.
The Treasury Wine Estates Ltd (ASX: TWE) share price has fallen 3.5% to $15.62. This morning Wine Australia released its export data for the 12 months ended September 30. While the overall value and volume of wine shipments has continued to grow strongly, there was a decline in exports to the United States. This is a big market for Treasury Wine Estates and expected to be a key driver of its future growth.
