The S&P/ASX 200 index is on course to record a small gain on Thursday. In afternoon trade the benchmark index is up 0.1% to 7,095 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Pro Medicus Limited (ASX: PME) share price has sunk 11% lower to $24.34. This has been quite a turnaround for the health imaging company's shares. In morning trade they were as much as 11% higher after investors responded positively to its half year update. Pro Medicus reported a 32.7% increase in net profit after tax to $12.1 million during the half. Some investors may have been expecting more given the lofty multiples its shares are trading on.
The Synlait Milk Ltd (ASX: SM1) share price has crashed 19% lower to $6.51. This follows a trading update warning that sales of infant base powder were notably lower than anticipated during the first half. As a result, Synlait expects its first half net profit after tax to be in the range of NZ$26.5 million to NZ$28.5 million. This represents a 24% to 29% decline over the prior corresponding period.
The Telstra Corporation Ltd (ASX: TLS) share price is down 2.5% to $3.72. The telco giant's shares were pushing higher this morning following the release of its first half result. But news that the Federal Court has given the go ahead to the TPG Telecom Ltd (ASX: TPM)-Vodafone Australia merger sent investors to the exits.
The Treasury Wine Estates Ltd (ASX: TWE) share price has dropped 5% to $11.28. Investors have been selling the wine giant's shares following the release of its half year results after the market close on Wednesday. Whilst a poor result was expected, its warning that its downgraded guidance could still be impacted by the coronavirus outbreak appears to have spooked investors.
