In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its early declines and is up a solid 0.4% to 5,736 points.
Unfortunately not all shares have been able to follow the market higher today. Here's why these four have dropped lower:
The ALS Ltd (ASX: ALQ) share price has fallen almost 3% to $7.60. Yesterday a research note out of Credit Suisse revealed that its analysts had upgraded the testing services company's shares to an outperform rating with a $7.80 price target. This caused its shares to jump over 8% and breach its price target. I suspect today's decline is the result of profit taking.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled almost 7% to 27.5 cents. Much like ALS, I think today's decline is likely to be down to profit taking as well. After all, the infant formula and baby food company's shares are up 90% in just the last five trading sessions.
The Newcrest Mining Limited (ASX: NCM) share price has dropped 2.5% to $20.47. This morning the leading gold miner provided an update on its Cadia East operation. Following remediation and upgrade work required after a seismic event in April, ore extraction tests have commenced today. Testing is expected to take two to four weeks, with the total restart costs estimated to be around $25 million.
The SKYCITY Entertainment Group Limited-Ord (ASX: SKC) share price has fallen 4% to $3.89. The gaming company's shares appear to have tumbled on news that long-serving director and chairman Chris Moller intends to retire. The board has decided unanimously to invite Rob Campbell to take over from Mr Moller on 1 January 2018.
