The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a high. In afternoon trade the benchmark index is up 0.7% to 5,912.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The AMP Limited (ASX: AMP) share price is down over 6% to $2.38 after the embattled financial services company released an update ahead of earnings season. In FY 2018 AMP expects its profit to come in at $30 million, down 96% on FY 2017's result. It also advised that its board intends to declare a final dividend of 4 cents per share, down over 72% from 14.5 cents per share in the prior corresponding period.
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has dropped 6% to $1.37. This decline could be attributable to a broker note out of Credit Suisse yesterday. Its analysts retained their underperform rating and cut the price target on its shares to $1.42 following its AGM update. The broker also warned that its potential merger with Sigma Healthcare Ltd (ASX: SIG) may be blocked by the ACCC.
The Netwealth Group Ltd (ASX: NWL) share price has fallen over 9% to $7.32 following the release of the investment platform provider's quarterly update. Although Netwealth achieved net flows of $876 million in the second quarter, this was down notably from the previous quarter and lower than the prior corresponding period.
The ResMed Inc. (ASX: RMD) share price has crashed 11.5% lower to $14.56 after the sleep treatment-focused medical device company released its second quarter results. Although ResMed delivered yet another strong quarter, the market was expecting even better. ResMed posted an 8% increase in revenue to US$651.1 million and GAAP diluted earnings per share of 86 U.S. cents, whereas the market was looking for 93 U.S. cents per share on quarterly revenue of US$666.98 million.
