In afternoon trade the S&P/ASX 200 index is on course to end its positive run. At the time of writing the benchmark index is down 0.5% to 6,704.2 points.
Four shares that are falling more than most today are listed below. Here's why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen heavily for a second day in a row and is down 6% to $31.98. Investors have been selling the payments company's shares after it was the subject of a bearish broker note. On Wednesday analysts at UBS initiated coverage on the company with a sell rating and $17.25 price target. It believes excessive growth is already priced in and has concerns over regulatory risks.
The Northern Star Resources Ltd (ASX: NST) share price has fallen 8% to $10.27 following the release of a quarterly update that fell short of expectations. During the quarter, Northern Star's group gold sold came to 184,005 ounces at an all-in sustaining cost (AISC) of US$1,024 an ounce. Sales from the Pogo operation weighed heavily on its overall result, coming in at 28,962 ounces at an AISC of US$1,919 an ounce
The WiseTech Global Ltd (ASX: WTC) share price has crashed 10% lower to $30.00 after being attacked by a short seller. Late this morning J Capital released a report claiming that the logistics solutions company is overstating its profits. The short seller alleges that "overstated profit in the three years since WiseTech listed may be as high as $116 mln. That would be an overstatement of 178%."
The Zip Co Ltd (ASX: Z1P) share price has fallen a further 11% to $4.65. The buy now pay later platform provider was also hit with a bearish broker note by UBS this week. According to the note, UBS has initiated coverage on Zip Co with a sell rating and $4.80 price target. The broker has concerns over how credit-worthy the users of buy now pay later services are. As a result, it suspects that regulators may soon target the industry. It is worth noting that its share price has now dropped below this price target.
