In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its gains but is just keeping its head above water. At the time of writing the index is up 0.1% to 6,070.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Bellamy's Australia Ltd (ASX: BAL) share price is down almost 4% to $8.82 despite there being no news out of the infant formula and baby food company. However, prior to today the Bellamy's share price had rallied approximately 21% since the start of the year. I wouldn't be surprised if today's decline is due to some investors taking a bit of profit off the table.
The Challenger Ltd (ASX: CGF) share price has continued its slide and is down a further 2.5% to $7.48. The annuities company's shares have come under pressure this week following the release of a disappointing half year result. One broker that didn't like what it saw was Deutsche Bank. A note out of the investment bank yesterday reveals that its analysts have downgraded its shares to a sell rating with a $7.00 price target.
The IPH Ltd (ASX: IPH) share price has fallen almost 4% to $5.85 following the release of its half year results. This morning the intellectual property services group announced an underlying net profit after tax of $24.3 million, up 15% on the prior corresponding period. While this was strong, a small decline in Australian like-for-like revenue may have spooked investors.
The TPG Telecom Ltd (ASX: TPM) share price has dropped 2% to $6.98. Investors may have been selling TPG Telecom's shares today after the Telstra Corporation Ltd (ASX: TLS) half year report revealed that trading conditions in the telco space remain incredibly tough due to the NBN rollout. The Telstra share price is also down 2% at the time of writing.
