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Why these 4 ASX shares have sunk lower today

After a slow start the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has broken higher and in afternoon trade is up 0.1% to 5,776 points.

Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have sunk lower:

The Automotive Holdings Group Ltd (ASX: AHG) share price is down 9% to $3.07 after the auto retailer downgraded its full-year guidance. A fall in car sales and tighter credit conditions means management expects full-year operating profit to fall between 8.4% and 10.4% year-on-year. Today’s news led to a sell-off in a number of automotive-related shares.

The BT Investment Management Ltd (ASX: BTT) share price has tumbled 7.5% to $11.27 after banking giant Westpac Banking Corp (ASX: WBC) announced that it would sell-down its stake in the company to institutional investors for $10.25 to $10.75 per share. The sale of 60 million shares will reduce its stake from 29% to 10%. The bank advised that it intends to sell the remaining shares in the future.

The Mesoblast limited (ASX: MSB) share price has fallen 3% to $2.22 after the regenerative medicine company reported its third-quarter results. Whilst the company has a lot of potential, at this stage it appears to be a long way from fulfilling it. This makes its current market capitalisation of close to $1 billion hard to justify in my opinion.

The QANTM Intellectual Property Ltd (ASX: QIP) share price has plunged 32% to $1.14 after the intellectual property company downgraded its full-year guidance. Continued weakness in legal and advisory services, patent prosecution activity, and patent filings have led to full-year EBITDA guidance of $27.5 million being downgraded to between $22 million and $24 million. A big disappointment for the company in its first year on the ASX.

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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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