BUZZ-ASOS: slides on unfavourable US internet tax ruling

** Online clothing retailer ASOS (LSE: ASC.L - news) falls 4.5 percent after a U.S. tax ruling expected to hit its earnings

** U.S. Supreme Court ruled on Thursday that online retailers can be taxed at a local level even if they do not have a physical presence in a state, ending an advantage many e-commerce companies have enjoyed over brick-and-mortar rivals

** Most ASOS customers have not previously had to pay sales tax as the UK company only had a physical presence in New York and Ohio

** Morgan Stanley (Xetra: 885836 - news) estimates the firm's US gross profit margin was 60 pct in FY17 v 44 pct in the UK and 46 pct in Europe

** Broker estimates the change could wipe off 5 percentage points to ASOS's US margin on a contribution per order basis (after distribution costs) and could strip 1 percentage point from its EBIT margin if the higher tax is not passed through to consumers

** Among top fallers on FTSE AIM index, worst day for the stock in 2 months