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.

Don’t Buy A SINGLE Stock Until You Read This

While conflict overseas is all media talking-heads seem to mention these days, the billionaire founder of Tesla is losing sleep over what he sees as a far bigger threat.

Elon Musk Warns: This has “vastly more risk than North Korea”

If you missed your opportunity to get in on Google, Microsoft, or Amazon in their early days, don't let it happen again. This emerging technology trend could offer a second chance for anyone who wishes they took part in these millionaire-maker stocks.

Click here to discover more!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.