Following on from a record-breaking 12-day rally, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is experiencing its third consecutive day trading in the red despite strong international leads overnight and a lift in the iron ore price.
The benchmark index has fallen 0.7% to be hovering just above 5,760 points and is being weighed down by these five big-name stocks.
CSL Limited (ASX: CSL) shares fell as much as 9.5% today after the biopharmaceutical giant warned rising competition would likely impact its full-year earnings growth. The first half was certainly impressive with CSL reporting a 7.2% increase in net profit to US$692.2 million, on the back of a 5.6% lift in revenues. On a constant currency basis, those results were even more impressive with sales up 8.3% and net profit up 9.1% for the period, while it also announced a US 58 cent interim dividend, representing a 9% increase on the prior year.
Commonwealth Bank of Australia (ASX: CBA) has also been sold down by investors after it delivered its highly anticipated interim report. Although the company reported a record cash profit, investors may have been disappointed by its $1.98 dividend (many were hoping for $2 per share), while they may also have been spooked by CEO Ian Narev's sobering warning of weak confidence being a "significant economic threat".
Bradken Limited (ASX: BKN) has continued its heavy slide today, declining a further 6.1% following Tuesday's 22% nosedive. Given the enormous challenges facing the mining services industry, the company elected to scrap its dividend after it reported a net loss of $92.6 million, compared to last year's $38.1 million net profit.
Woodside Petroleum Limited (ASX: WPL) has fallen a further 3.2% today after oil prices slid further overnight. Brent oil, which is the global benchmark, fell 2.1% to US$57.09 a barrel which reflects an incredible 50% decline in price since June last year. Of course, Woodside Petroleum's shareholders would be used to seeing their stock in the red by now with the shares down 23% since late August.
JB Hi-Fi Limited (ASX: JBH) has also fallen 4.5% to be trading at $17.17, although this can likely be attributed to the stock now trading ex-dividend. It recently declared an interim dividend of 59 cents per share (fully franked), which compares to the 55 cent dividend paid to investors last year.
