In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down slightly by just under 0.1% at 5,940 points.
Four shares that have acted as a drag on the market today are listed below. Here's why they have dropped lower:
The Appen Ltd (ASX: APX) share price is down over 7% to $9.73 a day after the release of its impressive full-year result. Considering its share rose an incredible 29% on Wednesday, I suspect that there's a spot of profit taking going on today from traders. Investors may want to consider snapping up shares on today's weakness with a long-term investment view.
The Bellamy's Australia Ltd (ASX: BAL) share price has tumbled 5.5% to $14.95. Late last nightthe infant formula company delivered a strong half-year result which saw half-year revenue rise 47.8% to $174.9 million and EBITDA increase 235% to $34.9 million. This was more or less in line with expectations and I suspect investors were pricing in outperformance.
The Blackmores Limited (ASX: BKL) share price has plunged 13% to $138.49 following the release of the health supplements company's half-year results. As I wrote yesterday, a note out of Goldman Sachs revealed that it was expecting sales of $377.4 million and EBIT of $57 million for the first-half. Blackmores fell short of this with sales of $351.8 million and EBIT of $49.3 million. Despite this miss, I think Blackmores could be worth a closer look after this sizeable decline in its share price.
The WiseTech Global Ltd (ASX: WTC) share price has fallen for a second day in a row, this time by 5% to $10.66. Although the logistics software provider delivered a strong full-year result yesterday, the market had priced in even greater growth than WiseTech Global delivered. Whilst I am a big fan of the company, I would prefer to wait for an even better entry point.
