MENU

Why these 4 ASX shares have tumbled lower today

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.

Forget Telstra and check out our #1 dividend pick for FREE here!

Financial year 2018 is here and The Motley Fool's dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

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.

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.