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Why BHP, Class, Costa, and Treasury Wine Estates shares dropped lower today

After a positive start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its gains and is on course to post its first decline of the week. At the time of writing the benchmark index is down 0.35% to 5,758.1 points.

Four shares falling more than most today are listed below. Here’s why they dropped lower today:

The BHP Group Ltd (ASX: BHP) share price has tumbled 4.5% to $32.76. The catalyst for this decline has been the mining giant’s shares trading ex-dividend for its fully franked $1.43 per share special dividend this morning. Eligible shareholders will now receive this dividend in their nominated accounts on January 30.

The Class Ltd (ASX: CL1) share price has plunged 13.5% to $1.26 after the SMSF platform provider released a trading update. During the December quarter Class added just 1,760 accounts to bring its total to 174,212. Management blamed the slow growth on regulatory uncertainty, increased competition, and a lower than average number of average accounts per new customer.

The Costa Group Holdings Ltd (ASX: CGC) share price is down 34% to $4.83 after the horticulture company released a profit warning this morning. Costa advised that it experienced subdued demand for tomatoes, berries, and avocados in December, meaning it will fall short of its calendar year 2018 guidance. In addition to this, things have not been much better in January. As a result, management warned that if conditions don’t improve then earnings for the 12 months to June 2019 could be flat. Previous guidance was for low double-digit earnings growth.

The Treasury Wine Estates Ltd (ASX: TWE) share price has fallen 5.5% to $14.15. Today’s decline is likely to be attributable to news that U.S. rival Constellation Brands released a disappointing market update overnight. The Constellation Brands share price fell 12% after it advised of weak wine sales in its third quarter.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Treasury Wine Estates Limited. The Motley Fool Australia owns shares of Class 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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