In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower despite solid gains from resources shares. At the time of writing the index is down almost 0.4% to 6,242.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Kogan.com Ltd (ASX: KGN) share price has fallen a further 11% to $5.21 following the release of its trading update on Tuesday. The ecommerce company's shares have fallen again despite a broker note out of UBS declaring Kogan's shares as a buy with a massive $9.55 price target. This price target implies potential upside of over 83% from the current share price.
The Medical Developments International Ltd (ASX: MVP) share price has plunged lower by over 16% to $4.90 after the healthcare company's U.S. plans for its Penthrox pain management product were dealt a blow. According to today's release, the U.S. FDA has informed the company that the clinical program for Penthrox is to be put on hold pending a letter outlining outstanding issues and concerns. This letter could take upwards of two months to be received and management will update the market when further information is provided.
The Treasury Wine Estates Ltd (ASX: TWE) share price has dropped 3% to $18.77. Investors have hit the sell button despite the Australian wine industry reporting strong export growth in FY 2018. According to the industry body, courtesy of the SMH, total Australian wine exports jumped 20% to $2.76 billion in FY 2018. This was partly driven by a 55% jump in exports to China. A total of $1.1 billion worth of wine made its way to China during the period.
The Updater Inc (ASX: UPD) share price is down almost 4.5% to $1.20 after the relocation technology company announced a new business vertical. The market appears unimpressed with its fifth vertical – Local Services. This vertical will offer programmatic communication from local businesses to its users and aims to capture a slice of an estimated US$30 billion to US$40 billion that is spent by local businesses on marketing to U.S households.
