After a slow start the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has broken higher and in afternoon trade is up 0.1% to 5,776 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they have sunk lower:
The Automotive Holdings Group Ltd (ASX: AHG) share price is down 9% to $3.07 after the auto retailer downgraded its full-year guidance. A fall in car sales and tighter credit conditions means management expects full-year operating profit to fall between 8.4% and 10.4% year-on-year. Today's news led to a sell-off in a number of automotive-related shares.
The BT Investment Management Ltd (ASX: BTT) share price has tumbled 7.5% to $11.27 after banking giant Westpac Banking Corp (ASX: WBC) announced that it would sell-down its stake in the company to institutional investors for $10.25 to $10.75 per share. The sale of 60 million shares will reduce its stake from 29% to 10%. The bank advised that it intends to sell the remaining shares in the future.
The Mesoblast limited (ASX: MSB) share price has fallen 3% to $2.22 after the regenerative medicine company reported its third-quarter results. Whilst the company has a lot of potential, at this stage it appears to be a long way from fulfilling it. This makes its current market capitalisation of close to $1 billion hard to justify in my opinion.
The QANTM Intellectual Property Ltd (ASX: QIP) share price has plunged 32% to $1.14 after the intellectual property company downgraded its full-year guidance. Continued weakness in legal and advisory services, patent prosecution activity, and patent filings have led to full-year EBITDA guidance of $27.5 million being downgraded to between $22 million and $24 million. A big disappointment for the company in its first year on the ASX.
