Today was a flat day for the S&P/ASX 200 (INDEXASX: ^AXJO) (ASX: XJO), with the index losing 0.2% to 5,530 points. The weighing machine of results season grinds onwards however, and the flat index movement masked big swings in a number of shares.

Coca-Cola Amatil Ltd (ASX: CCL) fell 4% to $9.11 as investors were disappointed with its annual results. Despite an 8% increase in earnings per share, market conditions in the vital Australian beverages segment declined with lower volumes and lower average prices – probably the main reason investors sold today. Indonesia, Alcohol, and New Zealand + Fiji each delivered strong performances but it’s the mature Australian segment that makes most of the money.

Coca-Cola Amatil shares are up 8% in the past 12 months.

A2 Milk Company Ltd (Australia) (ASX: A2M) dropped 5% to $1.93 today, continuing the slide that began when its annual results were released on Wednesday. In a way the slide makes sense, given that shares were pricing in a significant amount of growth already. However, investors selling out of a business that grew revenues by 127% in the year might be leaping before they look. Shares in fellow baby formula producer Bellamy’s Australia Ltd (ASX: BAL) also fell 5% today.

A2 Milk shares are up 200% in the past 12 months.

Aconex Ltd (ASX:ACX) dived 6% to $6.50, taking its losses to 23% for the month despite recently quadrupling its full-year profit. If investors thought A2 was overvalued however, Aconex is on a whole other level – valued at 127 times full-year earnings, and that’s after losing 23% of its value. Aconex’ business model is potentially more attractive than A2’s, with strong recurring revenues and a highly scalable platform. Though if the experience of similar software business XERO FPO NZX (ASX: XRO) is anything to go by, investors should expect continued share price volatility.

Aconex shares are up 63% in the past 12 months.

Reject Shop Ltd (ASX:TRS) fell 4% to $11.18, taking its losses for the week to 24%. Again, a disappointing annual result appears to be the culprit. The results themselves were quite sound, actually, and a similar half-year result back in February resulted in shares rising from $10 to $14 in short order. A lack of guidance for 2017 might have been the culprit today, with shareholders not feeling very illuminated by management’s aim of ‘improving’ in 2017. With the share price well on its way back to $10 and a number of operational improvements planned in 2017, could it be time to revisit this market reject?

Reject Shop shares are up 37% in the past 12 months.

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Motley Fool contributor Sean O'Neill owns shares of A2 Milk, Coca-Cola Amatil Limited, and Xero. The Motley Fool Australia owns shares of A2 Milk, Bellamy's Australia, and Xero. 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.