the S & P / ASX 200 Index (ASX: XJO) has followed the lead of the US markets and is expected to post a significant decline. At the time of writing, the benchmark was down 1.4% to 5,819.9 points.
Four stocks that have fallen more than most today are listed below. Here’s why they sink deeper:
the Galaxy Resources Limited (ASX: GXY) the stock price is down 2% to 77.5 cents. Investors sold the shares of the lithium miner after Credit Suisse analysts lowered them and lowered their price target to 84 cents. It took the step due to the drop in lithium prices.
the Jumbo Interactive Ltd (ASX: JIN) the stock price fell 8% to $ 10.52. This follows the ad a 10-year extension for resellers of lottery tickets with Tabcorp Holdings Limited (ASX: TAH). While this removes a lot of uncertainty, it comes at a cost. Jumbo will pay Tabcorp upfront costs of $ 15 million and increase royalties on ticket sales. Jumbo will ultimately pay Tabcorp a service charge of 4.65% of the ticket subscription price.
the Webjet Limited (ASX: WEB) the stock price fell 5% to $ 3.21. Webjet is one of a number of travel actions that plummet on Monday. Investors seem concerned that the domestic travel market may take longer to recover from an outbreak of coronavirus in Victoria. In addition, evaluation concerns could weigh on the actions of the online travel agent.
the Zip Co Ltd (ASX: Z1P) the share price fell nearly 4% to $ 5.24. With the market collapsing significantly lower today, investors seem to have taken some profit from the table. Before today, the Zip Co share price was up 45% from last month. Investors bought the payment company’s shares after announcing its expansion to the United States.
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James Mickleboro owns shares of Galaxy Resources Limited. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares of ZIPCOLTD FPO. Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia holds shares and recommended Jumbo Interactive Limited and Webjet Ltd. We fools may not all have the same opinions, but we all think that varied range of perspectives makes us better investors. The Motley Fool has a disclosure policy. This article only contains general investment advice (under AFSL 400691). Authorized by Scott Phillips.