In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.8% to 6,542.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price has fallen 3.5% to $48.25. This decline is in response to a weak quarterly update by its U.S. parent Domino's Pizza Inc. According to the update, its international same-store sales grew 1.7% during the September quarter. This compares to the consensus estimate of 2.86%. Another negative was that its U.S. parent downgraded its international same store sales targets for the next 3-5 years.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has crashed 11.5% to $41.75. Investors have been selling the travel company's shares today after it provided a trading update at the Morgans Queensland event. Whilst Flight Centre has seen its TTV grow across the business, it warned that its first half profits will be down on the prior corresponding period. Full year profit guidance will be provided at next month's AGM.
The Platinum Asset Management Ltd (ASX: PTM) share price has dropped 3.5% to $3.86. The catalyst for this was another disappointing funds under management (FUM) update from the asset manager. In September Platinum's FUM rose 0.9% to $24,612.68 million. However, this appears to have been down to favourable market movements. As throughout the month Platinum experienced net outflows of approximately $274 million.
The Webjet Limited (ASX: WEB) share price is down 2.5% to $10.06. This decline appears to have been triggered by Flight Centre's trading update which revealed that trading conditions have been tough during the first quarter. However, it is worth noting that insiders have been buying Webjet's shares recently. I believe this indicates that management is happy with its performance this year.
