The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has continued on its recent upward trend today with a gain of 0.35% to 5,781 points.
The materials and utilities sectors are leading the market higher, although the telecommunications and healthcare sectors are notable underperformers today.
Despite the broader market rally, a number of shares have disappointed investors today including:
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine Estates share price has slumped more than 3.7% today, despite it reporting a massive surge in half-year earnings. The wine maker enjoyed particularly strong sales from Asia and the Americas and also managed to expand operating margins by more than 4%. The strong result was probably already priced into the company's lofty valuation so I wouldn't be surprised if some investors have decided to lock in profits today.
Challenger Ltd (ASX: CGF)
The Challenger share price has fallen more than 2.4% today after it reported its first-half results. The company managed to increase underlying net profit after tax by 8% which was driven largely by strong sales growth from its annuities division. On the flipside, its funds management business posted a small decrease in profits due to lower performance fees. Pleasingly, Challenger announced a new distribution partnership with BT Financial Group and declared a 6% increase to its interim dividend to 17 cents per share.
Cochlear Limited (ASX: COH)
The Cochlear share price has dropped more than 3% today, despite reporting a 19% increase in first-half profits. Looking past the headline numbers, some investors will undoubtedly be concerned with the sharp decline in orders from the Chinese government. Nonetheless. the bionic ear maker re-affirmed its full-year guidance for net profit of $210 million to $225 million and declared an 18% increase to its interim dividend to $1.30 per share.
Sealink Travel Group Ltd (ASX: SLK)
The Sealink share price has plunged more than 4.3% today after announcing its first-half result. Overall, the ferry company managed to deliver a strong increase in earnings thanks to surging demand from tourists, but did highlight the point that it expects earnings from its Gladstone and North East Queensland segment to fall short of last year's performance. Despite this, Sealink says it has started the second-half strongly and expects to report an improved profit for the full-year.
