The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced off its lows but is still in the red in afternoon trade. At the time of writing the benchmark index is down 0.1% to 5,934.2 points.
Four shares that fallen more than most today are listed below. Here's why they have dropped lower:
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen 7.5% to $8.48. On Wednesday the infant formula company's shares rocketed higher after rival A2 Milk Company Ltd (ASX: A2M) provided a positive trading update. I suspect that some traders have decided to take profit on Bellamy's shares today.
The Berkeley Energia Ltd (ASX: BKY) share price has plunged 21% lower to 26.5 cents. The uranium company's shares have come under pressure this week after CNBC reported that the Spanish government planned to block its open-cast uranium mine in Salamanca. The company responded to the media reports this morning by saying that it has received no official notice from the Nuclear Safety Council nor any other government department to date. This hasn't been enough to stop some shareholders from hitting the sell button.
The Boral Limited (ASX: BLD) share price has dropped 4.5% to $6.24. Shareholders appear to be disappointed with the building materials company's decision to sell its U.S. Block business for US$156 million to Quikrete Holdings. The company's CEO and managing director, Mike Kane, defended the sale, saying that "while the Block business has performed well, Boral is focusing on its core building products and fly ash businesses in North America, its gypsum-based wall and ceilings business in USG Boral and construction materials in Australia."
The Galaxy Resources Limited (ASX: GXY) share price has sunk over 4% lower to $2.23 following the release of its third quarter update. During the quarter Galaxy produced 29,555 dry metric tonnes of concentrate, down 35% on the previous quarter. Management blamed the production decline on lower feed grade and reduced recoveries arising from delays in the completion of its Yield Optimisation Project. It also reported a 23% decline in its cash margin per tonne to US$411 due to higher unit costs of production arising from its lower production.
