Despite starting the session on a positive note, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has drifted progressively lower throughout the day and is now trading 0.27% lower to 5,636 points.
The big miners have inflicted the most damage to the index as the session has progressed, although the utilities and telecommunications sectors have provided some support.
Four shares that have disappointed shareholders today include:
Paragon Care Ltd. (ASX: PGC)
Shares of Paragon Care have plunged more than 14% after its first-half results failed to live up to expectations. Despite reporting a big surge in sales and profits, earnings per share (EPS) declined by around 4% due to the large number of shares that were issued last year to fund acquisitions. Paragon Care has guided for a stronger second half, although I expect the market is likely to remain lukewarm towards the company until EPS growth is restored.
Mcgrath Ltd (ASX: MEA)
Shares of McGrath have crashed nearly 8% today, despite the absence of any news from the company. The real estate agent has endured a tough time since debuting in late 2015 thanks to a sharp fall in property listings and the exodus of a number of its top agents. Astonishingly, the shares have now lost around 70% of their value since their debut and the company will be desperately hoping that listing volumes pick-up soon, particularly in Sydney.
Premier Investments Limited (ASX: PMV)
Shares of Premier Investments enjoyed a very strong day yesterday thanks to a positive trading update, but it appears some investors are taking profits today with the shares falling nearly 3% to $13.60. A number of brokers have also changed their ratings on the shares overnight with Macquarie and UBS raising the shares to an outperform and buy. CLSA, on the other hand, has cut the shares from a buy to outperform.
Credit Corp Group Limited (ASX: CCP)
Shares of Credit Corp have dropped more than 4% today, despite no major news from the company. One reason investors may be selling today is due to a release that shows one of its directors has recently sold a relatively small parcel of shares. This can be a warning sign to some investors, although I suspect today's move is more likely the result of profit taking as the shares have enjoyed a very good run over the past 12 months.
