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The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping notably lower on Thursday. In afternoon trade the benchmark index is down a disappointing 2.3% to 6,007.9 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Afterpay Ltd (ASX: APT) share price is down 3% to $52.78. This appears to have been driven by profit taking after some strong gains by the payments company this month. In fact, on Thursday the Afterpay share price jumped to a new record high of $54.85. When its shares hit that level, they were up a whopping 585% from their March low.
The Amcor PLC (ASX: AMC) share price has fallen almost 4% to $13.87. Investors have been selling the packaging company's shares after it was downgraded by analysts at Credit Suisse. According to the note, the broker has downgraded its shares to a neutral rating with a $15.65 price target. It made the move on valuation grounds after a strong rally since March.
The Computershare Limited (ASX: CPU) share price is down over 6% to $13.15. The catalyst for this decline appears to have been a broker note out of Citi. This morning the broker downgraded Computershare's shares to a sell rating with a reduced price target of $12.00. The broker believes trading conditions are challenging and expects it to be a couple of years until the company's earnings rebound.
The Westpac Banking Corp (ASX: WBC) share price has sunk a sizeable 5% lower to $18.74. Investors have been selling Westpac and the rest of the big four banks on Thursday. This may be due to profit taking after some very strong gains over the last few weeks. Even after this decline, the Westpac share price is up 23% over the past three weeks.
