The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains and is up just 0.2% to 5,888 points in mid-afternoon trade.
Four shares in particular have acted as a drag on the market today. Here's why:
The BT Investment Management Ltd (ASX: BTT) share price has slumped over 4% to $12.43 after the fund manager released its half-year results. Total half-year revenue fell 12.4% to $246.3 million, due largely to a significant fall in performance fees. With its shares trading at around 22x trailing earnings, I would steer clear of its shares until they fall to a more reasonable level.
The Myer Holdings Ltd (ASX: MYR) share price has dropped 3% to 98.5 cents following a weak third-quarter update. Sales in the quarter fell 3.3% on the prior corresponding period to $653 million, leaving year-to-date sales down 1.3% to $2,438 million. Management blamed bad weather in Queensland and Northern New South Wales for the drop in sales.
The Quintis Ltd (ASX: QIN) share price has sunk 30% to 42 cents today. This means the sandalwood plantation manager's shares have now fallen almost 61% in the space of just two days following yesterday's shock announcement. That announcement revealed that the company had only just become aware that a major supply contract with Galderma had been cancelled in December of last year.
The Vita Group Limited (ASX: VTG) share price has plunged 29% to $1.59 after the retailer provided a trading update advising that it expects to deliver a record EBITDA result in FY 2017 of between $63 million and $66 million. While this is positive, investors appear to be concerned over the expected changes to its network of Telstra Corporation Ltd (ASX: TLS) stores following the telco giant's decision to organise its company-owned and licensed stores into geographic clusters.
