In early afternoon trade the S&P/ASX 200 index is on course to finish the week on a subdued note. At the time of writing the benchmark index is down a fraction to 6,386.8 points.
Four shares that are acting as a drag on the market today are listed below. Here's why they are ending the week deep in the red:
The Appen Ltd (ASX: APX) share price has dropped over 6% to $26.14 following the release of its guidance for FY 2019. Although the language technology data and services provider is expecting to deliver strong EBITDA growth again in FY 2019, it was a touch short of the market's lofty expectations.
The Crown Resorts Ltd (ASX: CWN) share price is down 3.5% to $12.48 after James Packer sold down his stake in the casino and resorts operator. This morning Crown confirmed that CPH Crown Holdings has entered into an agreement in relation to the sale of 19.99% of the issued capital of Crown to Melco Resorts & Entertainment Limited. According to the release, the two parties have agreed on an aggregate purchase price of $1.76 billion, which is the equivalent of $13.00 per share.
The Link Administration Holdings Ltd (ASX: LNK) share price has crashed 22.5% lower to $6.01 following the release of a disappointing trading update. Link advised that full year operating EBITDA is expected to be between $350 million to $360 million in FY 2019, well short of the market's expectations. The company's underperformance has been blamed largely on the negative impact of Brexit on its business.
The St Barbara Ltd (ASX: SBM) share price is down 5% to $2.58 after downgrading its production guidance this morning due to issues at its Gwalia mine. According to the release, consolidated gold production guidance for FY 2019 is now approximately 355,000 ounces. This compares to its previous guidance of between 365,000 ounces and 375,000 ounces.
