Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is off its low, the benchmark index is still down 0.1% to 5,708 points in afternoon trade.
Four shares that have dropped lower today are listed below. Here's why they are in the red:
The Asaleo Care Ltd (ASX: AHY) share price has fallen 4.5% to $1.55 despite there being no news out of the personal care company. I suspect this may be the result of profit taking after its shares rallied strongly recently. Up until today, Asaleo Care's shares had gained over 22% since the start of August.
The Bubs Australia Ltd (ASX: BUB) share price has continued its slide, this time by 5% to 46.5 cents. Investors have been heading to the exits in their droves after speculation of a takeover approach was dismissed and a capital raising was conducted at a significant discount. I do, however, think it has fallen to a potentially attractive level now. Though it is still a high risk investment option.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen almost 2% to $5.33. Today's decline may be related to the Reserve Bank calling the top of the iron ore price. The central bank appears to believe that China's production of steel is likely to ease from here, weighing on the steel-making ingredient's price.
The TPG Telecom Ltd (ASX: TPM) share price has given back yesterday's gains with an almost 7% decline to $5.12. A number of negative broker notes appears to have weighed heavily on the telco company's shares today. One such note saw Credit Suisse retain its underperform rating and reduce its price target to $5.00. I would class TPG Telecom as a hold.
