Well anything might be happening, but here's a possible...

Well anything might be happening, but here's a possible explanation: To support ASL's stated profit expectations, they will have to win at least some new business. This announcement was of contract renewals only - which won't deliver a big profit increase - so some investors got nervous and sold. Others, seeing the selling, joined in (probably some stop-losses too). The SP had a big dip earlier this year, over 25% I think, so these things do happen. Re the current situation, I would prefer to look at it the other way round, as follows : ASL can't have a big profit increase without contract renewals, so if there wasn't any renewal news that would be bad. ASL has got the renewals, so now all it needs is some new business as well. Let's hope it's not too long before they announce some.