In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has built on yesterday's gain and is higher by over 0.2% to 5,782 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they have dropped lower:
The Aveo Group (ASX: AOG) share price has tumbled 2% to $2.30 despite there being no news out of the retirement community manager. This morning Ord Minnett maintained its accumulate rating on Aveo's shares, but cut its price target to $3.60. This still implies sizeable upside for its shares over the next 12 months.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has fallen almost 3.5% to $11.53 after Credit Suisse downgraded the medical device company to an underperform rating. Although the broker has been impressed with the progress that Fisher & Paykel Healthcare has made over the last few years, it thinks that its shares are overvalued now. I would class it as hold at this level.
The Fortescue Metals Group Limited (ASX: FMG) share price is down over 2% to $4.85 after the iron ore price fell sharply. According to Metal Bulletin, the spot price for benchmark 62% fines fell 2.2% to US$59.65 a tonne. This brings its two-day decline to almost 5%. The low grade 58% fines that Fortescue produces tumbled 2.7% to US$35.98 a tonne.
The Whitehaven Coal Ltd (ASX: WHC) share price has fallen almost 3% to $3.77 after its quarterly update wasn't as strong as some had expected. However, management does believe that demand in China will strengthen as a number of key seaborne end users are changing their quality requirements due to a greater focus on environmental and generation efficiency.