The S&P/ASX 200 index is on course to record another small decline on Tuesday. At the time of writing the benchmark index is down 0.2% to 7,111 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Altium Limited (ASX: ALU) share price is down a sizeable 13.5% to $36.98. Investors have been selling the design software provider's shares following the release of its half year results. In the first half of FY 2020, Altium reported a 19% lift in revenue to US$92.85 million and a 22% jump in EBITDA to US$36.8 million. However, due to the coronavirus outbreak and the underperformance of its Octopart business, the company warned that it is likely to land at the lower end of its full year guidance range.
The ARB Corporation Limited (ASX: ARB) share price is down 6% to $19.25. The catalyst for this share price weakness was the release of a soft half year update this morning. ARB reported a 7.3% lift in revenue to $233.4 million but a 7.4% decline in profit to $25.3 million. The profit decline reflects the significant strengthening of the Thai baht which increased the costs on a range of products manufactured in its Thai factories. In addition to this, management warned that these headwinds remain and its full year profits were likely to be down by the same margin.
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has fallen 5.5% to $10.00. The regional bank's shares have come under pressure after the release of a soft half year result and the completion of the institutional component of its $300 million capital raising. Bendigo and Adelaide Bank has successfully raised $250 million from institutional investors at $9.34 per new share. This represents a 9% discount to its last close price.
The Breville Group Ltd (ASX: BRG) share price has dropped 4% to $23.02. Investors have been selling the appliance maker's shares after it revealed some heavy insider selling. According to a notice, non-executive director Lawrence Myers sold 150,000 shares through an on-market trade on Friday. Mr Myers received just a touch over $3.6 million from the sale.
