The S&P/ASX 200 index has taken a tumble again on Wednesday. In afternoon trade the benchmark index is down just over 1% to 6,476.3 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The A2 Milk Company Ltd (ASX: A2M) share price is down 14% to $13.72 after the infant formula and fresh milk company released its full year results. Although a2 Milk Company delivered another impressive profit result, the market had been expecting even better. In FY 2019 the company reported a 41.4% increase in revenue to NZ$1,304.5 million and a 46.1% increase in EBITDA to NZ$413.6 million. The market consensus estimate for EBITDA was NZ$420.6 million.
The Corporate Travel Management Ltd (ASX: CTD) share price has given back its morning gains and sunk 4% lower to $$19.80. After initially surging higher following its full year results release, investors have now begun selling its shares. This could be due to its guidance for FY 2020. Management expects underlying EBITDA of between $165 million and $175 million (excluding the impact of the new accounting standards), which equates to year on year growth of just 10% to 16.6%.
The Monadelphous Group Limited (ASX: MND) share price has continued its slide and is down a further 7.5% to $16.52. Investors have been selling the engineering company’s shares this week following the release of a disappointing full year result. One broker that wasn’t impressed was Citi. This morning it downgraded its shares to a sell rating and cut the price target on them to $15.50.
The Nearmap Ltd (ASX: NEA) share price has crashed 11% lower to $2.79. The catalyst for this appears to be the aerial imagery company’s full year update which revealed a statutory loss of $14.9 million. This compares to an $11 million loss in FY 2018. The vast majority of this came in the second half when the company posted a second half statutory loss of $12.96 million.
A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.
And make no mistake – it is coming. To the tune of an estimated $US22 billion.
Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.
Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.
AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.
Simply click below to learn more on how you can profit from the coming cannabis boom.
- NEW: Free report names top 3 ASX dividend shares to buy for 2019
- Top analysts name their top 3 ASX blue chip shares for 2019
- Richest man alive issues dire warning
- 3 quality dividend shares to boost your income
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019