Today looks like its going to be a flat day for the S&P/ASX 200 (INDEXASX: ^AXJO) (ASX: XJO), which fell 0.2% to 5,539 points in mid-afternoon trading.

A number of shares fell significantly further, however, and here’s why:

AGL Energy Ltd (ASX: AGL) lost 3.6% to $19.64 after the group reported its annual results to the market this morning. Despite a solid rise in underlying profit, it seems investors were put off by weakness in the electricity market, which saw consumer electricity consumption fall 1.6% and business volumes down 4.1%. AGL also booked heavy write-downs as a result of its decision to exit natural gas. AGL has defied tough operating conditions to grow profits through cutting costs, but it’s an open question if the company can replicate its performance over the next twelve months.

AGL shares are up 16% in the past 12 months.

SKYCITY Entertainment Group Limited-Ord (ASX: SKC) fell 3.3% to $4.65 was dumped by investors today after its own full-year results, despite posting strong revenue and profit growth. The company hit a number of targets including growing high-roller activity by 33%, yet it seems to have fallen short of investor expectation – perhaps due to anticipation of tougher economic conditions in the future. Skycity doesn’t look expensive after today’s results, and could be worth a closer look from interested investors.

Skycity shares are up 22% in the past 12 months.

iCar Asia Ltd (ASX: ICQ) dived another 8% to $0.445 today, following on from heavy falls yesterday and Monday after the group provided a disappointing update on its prospects. With management flagging increasing cash burn as well as slower than expected revenue growth – despite iCar’s market-leading website position – investors are likely concerned about the company’s valuation as well as the potential for another capital raising. It now seems unlikely that the company will reach break-even without raising additional cash.

iCar shares are down 37% in the past 12 months – and, down 38% in the past week alone.

Commonwealth Bank of Australia (ASX: CBA) lost 1.2% to $77.45 after reporting yet another record profit this morning, although cash earnings per share actually declined slightly. So did return on equity – a key measure of bank profitability – thanks to the capital raisings that each of the big banks conducted last year. The bank’s Net Interest Margin (a measure of the lending profit margin) also fell slightly while impairments rose slightly. Shrinking margins and limited growth raises the question of whether the banking boom has passed its peak – although, Commbank shares are cheaper now than they were a year ago.

Commonwealth Bank shares are down 5.5% in the past 12 months.

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Motley Fool contributor Sean O'Neill owns shares of iCarAsia Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.