In late morning trade the S&P/ASX 200 index is keeping its head just above water. At the time of writing the index is up a few points to 7,107.6 points.
Four shares that are acting as a drag on the market today are listed below. Here's why they are ending the week in the red:
The Baby Bunting Group Ltd (ASX: BBN) share price has crashed 11% lower to $3.37 following the release of its half year results. Although Baby Bunting delivered strong pro forma profit growth, investors appear concerned by its subdued comparable stores sales growth and its exposure to the coronavirus outbreak. Baby Bunting sources products, either directly or through distributors, in China.
The Blackmores Limited (ASX: BKL) share price is down a further 2.5% to $75.03. Investors have been selling the health supplements company's shares this week after it downgraded its guidance and suspended its dividend. Due to higher costs and tough trading conditions, Blackmores expects to post underlying net profit after tax of $18 million in the first half. This will be down 47% on the prior corresponding period. Unfortunately, things are expected to worsen in the second half, with management forecasting a full year net profit of just $17 million to $21 million. This morning Credit Suisse retained its underperform rating and slashed its price target to a lowly $55.00.
The Breville Group Ltd (ASX: BRG) share price is down 6% to $23.99. This decline appears to be down to profit taking after a stellar share price rise following its half year results release. On Thursday the appliance maker reported a 14.1% increase in half year net profit after tax to $49.7 million. This allowed the board to lift its partially franked interim dividend by 10.8% to 20.5 cents per share.
The Pro Medicus Limited (ASX: PME) share price is down a further 5% to $25.12. The health imaging software company's shares have come under pressure since the release of its half year results. This is despite it delivering a result that was in line with expectations. I suspect some investors were betting on the company outperforming during the half.
