In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has stormed higher despite heavy declines on Wall Street overnight. At the time of writing the local market is up 0.8% to 6,150.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Argosy Minerals Limited (ASX: AGY) share price has given back some of its recent gains and dropped over 5% lower to 26.5 cents. The prospective lithium miner’s shares rallied higher on Monday and Tuesday following the release of two positive announcements. It appears that investors are taking a bit of profit off the table today.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has dropped almost 3% to $8.89. This morning a broker note out of Ord Minnett revealed that its analysts have downgraded the beverage company’s shares to a lighten rating from hold with an $8.25 price target. The broker appears disappointed that its performance in Indonesia is not improving. I would have to agree with this view and would only consider buying shares if they were closer to the $7 mark.
The Greencross Limited (ASX: GXL) share price has fallen almost 4% to $4.22. Today’s decline is likely to be attributable to a broker note out of Deutsche Bank which voiced concerns over the integrated pet care company’s roll out of in-store clinics. The broker has a sell rating and $3.70 price target on Greencross’ shares.
The Telstra Corporation Ltd (ASX: TLS) share price has tumbled over 5% to $2.76 after the telco giant held its investor day. The market appears to have been disappointed with Telstra’s medium-term plans and its failure to give any guidance for its FY 2019 dividend. Further, management’s FY 2019 underlying EBITDA guidance of $8.7 billion to $9.4 billion is around 15% below consensus estimates if the mid-point of the guidance is used.
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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 Greencross Limited and Telstra Limited. The Motley Fool Australia has recommended Coca-Cola Amatil 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.