Why these 4 ASX shares are down in the dumps today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its sensational run and is up a further 0.9% to 6,105 points in afternoon trade.

Not all shares have been able to follow the market higher today. Four that have fallen notably lower are listed below, here’s why they are down in the dumps:

The Cann Group Ltd (ASX: CAN) share price has fallen 8.5% to $3.52. This morning the medicinal cannabis was grilled by the ASX over takeover speculation in the media and its subsequent announcement in response to it. Cann Group answered all the ASX’s questions and confirmed that it is in compliance with listing rules.

The Healthscope Ltd (ASX: HSO) share price is down 3.5% to $2.38 despite there being no news out of the private hospital operator. But with its shares trading above BGH Consortium’s unsolicited and conditional acquisition proposal of $2.36 cash per share, it comes as no surprise to see its share price edge lower. Especially with no other suitors emerging. I would suggest shareholders lock in these gains and move on.

The InvoCare Limited (ASX: IVC) share price has continued its decline and is down a further 4% to $11.66. Today’s decline is likely to be down to a bearish broker note out of Deutsche Bank this morning. According to the note, the broker has retained its sell rating and slashed the price target on the funerals company’s shares to $10.80 following its recent update. I would stay clear of InvoCare for the time being.

The Myer Holdings Ltd (ASX: MYR) share price given back some of its recent gains and is down 3% to 46.7 cents. Despite today’s decline, the department store operator’s shares are up a massive 23% since this time last week. A series of sizeable share purchases from three of Myer’s directors appears to have improved investor sentiment this week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Scott Phillips.

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