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Why these 4 ASX shares are sinking lower today

It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Thursday. After a bright start the index has faded and is down almost 0.4% to 6,084 points in afternoon trade.

Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:

The Coca-Cola Amatil Ltd (ASX: CCL) share price has fallen 3.7% to $8.64 a day after the beverage company’s annual general meeting. One broker that wasn’t overly impressed was Morgan Stanley. A broker note released this morning reveals that its analysts have retained their underperform rating and $8.00 price target. I thought the company’s AGM update was quite weak and would suggest investors hold off an investment.

The Smart Parking Ltd (ASX: SPZ) share price has plunged 39% lower to 27.5 cents after the parking solutions company provided an update on its UK business. According to the release, the company has sacked both its UK managing director and finance director after they breached corporate policies. The company also advised that poor weather has adversely impacted its UK operations during the third quarter.

The Treasury Wine Estates Ltd (ASX: TWE) share price has tumbled 7% to $16.80 after reports claimed that there was a supply glut of some of its low-end products in China. One distributor allegedly has three-year’s worth of stock on its hands. The company was quick to dismiss the reports. Though, separate to this, it has advised that it is experiencing delays in getting product through China’s customs. This is only expected to be temporary.

The Westpac Banking Corp (ASX: WBC) share price has dropped almost 4% to $29.03. Today’s decline is almost entirely attributable to the banking giant’s shares going ex-dividend this morning for its interim 94 cents per share fully franked dividend. This dividend will be paid to eligible shareholders on July 4.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Coca-Cola Amatil Limited and Treasury Wine Estates Limited. 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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