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Why these 4 ASX shares have dropped lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its losing streak and is up over 0.7% to 6,036 points.

Four shares that haven’t been able to following the market higher today are listed below. Here’s why they have dropped lower:

The HT&E Ltd (ASX: HT1) share price has fallen 6% to $1.69 after the ATO issued the outdoor advertising company with amended income tax assessments. The amended assessments are for the financial years ended 31 December 2009 to 31 December 2012 inclusive, with tax adjustments of $72 million plus interest of $32 million. Further amended income tax assessments may also be forthcoming according to management.

The InvoCare Limited (ASX: IVC) share price is down 2% to $14.65. This is the second day in a row that the funeral services company’s shares have been in the red and is likely to be related to a profit warning from one of its international peers. The UK-listed shares of Dignity lost almost 50% of their value on Friday after warning of lower profits due to sizeable price cuts as a result of increasingly price-conscious consumers in an over-supplied industry.

The Metals X Limited (ASX: MLX) share price has tumbled almost 3% to $1.10 following the release of its quarterly update. Investors appear to have been disappointed with the company’s Nifty copper operation. Although copper production was much improved, it still appears to have been a loss-making quarter for the copper segment despite prices being at high levels.

The Pact Group Holdings Ltd (ASX: PGH) share price is down 3.5% to $5.29 despite there being no news out of the packaging company. Today’s decline may be related to a note out of Deutsche Bank which revealed that its analysts have reduced their profit estimates and price target slightly. The broker does, however, still have a buy rating on its shares. Its price target is now $6.50.

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