Why these 4 ASX shares have been slammed today

It has been a very disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost every sector in the red, the benchmark index is down 1% to 5,791 points.

Four shares which have acted as a real drag on the market today are listed below. Here’s why they have been slammed today:

The Cann Group Ltd (ASX: CAN) share price has fallen 2.5% to 57.5 cents despite there being no news out of the medicinal cannabis company. Its shares are now down around 11% in the last couple of weeks as investors take profits off the table. Despite these declines, Cann Group’s shares are still up 92% since hitting the ASX boards at the start of the month.

The CYBG PLC CDI 1:1 (ASX: CYB) share price is down 3% to $4.85 after the bank posted a weaker-than-expected half-year result. The market appears to be disappointed that statutory profit before tax came in at £46 million, down almost 21% from the £58 million it posted in the prior corresponding half.

The NIB Holdings Limited (ASX: NHF) share price has tumbled almost 12% to $5.36 after being downgraded to an underperform rating by Credit Suisse. That downgrade came after data released by APRA revealed that although profit across the private health insurance sector rose 18.2% to $1.3 billion over the year to April, net margins in the sector fell from 5.6% to 4.8%.

The OrotonGroup Limited (ASX: ORL) share price has been crushed today, falling a massive 22% to $1.05 after emerging from a trading halt. This morning the retailer released a disappointing trading update which revealed that year-to-date sales are down 11% on the prior corresponding period. As a result, underlying EBITDA is now forecast to be between $2 million and $3 million for FY 2017, down sharply from $12.9 million a year earlier. This is one retail share I would avoid right now.

Finally, if your portfolio took a hit today I would suggest you give it a lift with an investment in one of these hot stocks. I'm tipping each to smash the market this year.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks means stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

If you're expecting to see the likes of Commonwealth Bank, Telstra and Wesfarmers shares on this list, you'll be sorely disappointed. Not only are their dividends growing at a snail's pace, their profits are under pressure too due to the increasing competitive environment.

The contrast to these "new breed" blue chips couldn't be greater... especially the very real prospect of significant share price gains, something that's looking less likely from the usual blue chip suspects.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.

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