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Why these 4 ASX shares have dropped lower today

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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia owns shares of Appen Ltd and WiseTech Global. 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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