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Why these 4 ASX shares sank into the red today

It has been another positive day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is up almost 0.4% to 5,797 points.

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

The Admedus Ltd (ASX: AHZ) share price is down 5.5% to 25.5 cents. This now brings its two-day decline to in excess of 10.5% and comes following the release of its quarterly update yesterday. The market appears to have been disappointed that the healthcare company reported fourth-quarter revenue growth of 28% on the prior corresponding period. Whilst this is undoubtedly strong, it is slower growth than the company experienced in previous quarters.

The BlueScope Steel Limited (ASX: BSL) share price has fallen 3% to $13.31 despite there being no news out of the steel producer. But with its shares up 43% this year, I wouldn’t be surprised if this was the result of profit taking. Whilst I think its shares are reasonably expensive still, if they came down a little lower they could be worth a closer look.

The Wellard Ltd (ASX: WLD) share price has continued to tumble lower, this time by 3.5% to 13 cents. Due partly to a sharp decline last week following the release of a terrible trading update, the cattle exporter’s shares have now fallen over 70% in the last 12 months. As cheap as they look, I would avoid its shares at all costs.

The Yowie Group Ltd (ASX: YOW) share price has plunged 10% to another multi-year low of 23 cents. The confectionery company’s shares have now lost 27% of their value since the release of its latest quarterly result. Although Yowie delivered revenue growth of 23% in the fourth-quarter, it fell short of the 37% growth guidance given on June 21 when there were only nine days remaining in the quarter. Ultimately this led to the company missing its full-year guidance, which it had downgraded no less than three times throughout the year. This is another company I would suggest investors avoid.

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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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