The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower again on Tuesday. In afternoon trade the index is down 0.4% to 6,646.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen a sizeable 4.5% to $25.75 after being downgraded by analysts at Goldman Sachs. According to the note, Goldman Sachs has taken the fast-growing payments company off its conviction buy listed and downgraded its shares to a neutral rating. The broker made the move on valuation grounds following a strong run in 2019. Goldman has lifted its price target on Afterpay's shares slightly to $27.15.
The Orora Ltd (ASX: ORA) share price has fallen 1.5% to $3.26 after the packaging company announced the retirement of its CEO. Nigel Garrard has decided to retire after over 10 years in the role and will be succeeded by Brian Lowe. Mr Lowe is currently the group general manager of the Orora Fibre Packaging business.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has sunk 5% lower to $3.45 despite there being no news out of the plumbing parts company. This latest decline means the Reliance Worldwide share price is down over 22% this year and trading within a whisker of its 52-week low. A disappointing trading update in May is to blame for the underperformance of its shares this year.
The Superloop Ltd (ASX: SLC) share price has continued its slide and is down a further 5% to a 52-week low of $1.14. The shares of the independent provider of connectivity services have fallen heavily since it made a material downgrade to its full year EBITDA guidance. Superloop now expects to deliver full year EBITDA of $7 million to $8 million, compared to its previous guidance of between $13 million and $18 million.
