The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from early declines and in afternoon trade is higher by over 0.7% to 5,883 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they have been hammered today:
The Creso Pharma Ltd (ASX: CPH) share price has dropped 10% to 49.5 cents despite there being no news out of the pot stock. Today's decline means Creso Pharma's shares have now lost 35% of their value in just the last 30 days. I believe this demonstrates just how high risk the medicinal cannabis industry can be.
The CSR Limited (ASX: CSR) share price has plunged 11% to $4.58 following the release of its full-year results. Whilst profits were up 11% on last year, investors appear to be concerned with the outlook for next year. Management hasn't forecast any growth in its major Buildings Products segment. While its shares look cheap now, I think there are better options out there for investors.
The Incitec Pivot Ltd (ASX: IPL) share price has given back yesterday's gains and tumbled 3.5% to $3.66 today. According to a research note out of Credit Suisse, its analysts have downgraded its shares to an underperform rating following yesterday's mixed half-year result. I would agree with Credit Suisse on this one.
The Quintis Ltd (ASX: QIN) share price has crashed 36.5% to 68 cents after the embattled sandalwood plantation manager shocked the market by advising that a major supply contract with Galderma for its Indian sandalwood oil had terminated in December without its board being aware. Quintis, formerly TFS Corporation, does not strike me as a well-run business and I can't say I'm surprised to see short sellers target it.
