The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to record a sizeable decline. At the time of writing the benchmark index is down 1.4% to 5,819.9 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Galaxy Resources Limited (ASX: GXY) share price is down 2% to 77.5 cents. Investors have been selling the lithium miner's shares after analysts at Credit Suisse downgraded them to a neutral rating and slashed their price target to 84 cents. It made the move due to weakening lithium prices.
The Jumbo Interactive Ltd (ASX: JIN) share price has crashed 8% lower to $10.52. This follows the announcement of a 10-year lottery ticket reseller extension with Tabcorp Holdings Limited (ASX: TAH). While this removes a lot of uncertainty, it has come at a cost. Jumbo will pay Tabcorp an upfront fee of $15 million and increasing royalties on ticket sales. Eventually Jumbo will pay Tabcorp a service fee of 4.65% of the ticket subscription price.
The Webjet Limited (ASX: WEB) share price has tumbled 5% lower to $3.21. Webjet is one of a number of travel shares that are tumbling lower on Monday. Investors appear concerned that the domestic travel market could take longer to recover following a spike in coronavirus cases in Victoria. In addition to this, valuation concerns could be weighing on the online travel agent's shares.
The Zip Co Ltd (ASX: Z1P) share price has fallen almost 4% to $5.24. With the market tumbling notably lower today, investors appear to have been taking a bit of profit off the table. Prior to today, the Zip Co share price was up 45% since this time last month. Investors have been buying the payments company's shares after it announced its expansion into the United States.
