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.
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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 Netwealth. The Motley Fool Australia has recommended ResMed Inc. 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.