In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and sits flat at 5,708 points.
Four shares which have acted as a drag on the market today with heavy declines are listed below. Here's why they are ending the week in the red:
The Ardent Leisure Group (ASX: AAD) share price has fallen 5.5% to $2.01 following the release of its full-year guidance. According to the release, preliminary full-year core EBITDA is expected to be in the range of $73 million and $75 million for the 12 months ending 30 June 2017. Much like its interim dividend, Ardent Leisure has decided to cut its final dividend as well.
The Bellamy's Australia Ltd (ASX: BAL) share price has dropped 4% to $7.12 despite there being no news out of the infant formula company. But with its shares up 37% since the start of June, I suspect there may be a spot of profit taking going on today. Although things are looking promising for the company, I would stay clear of it at the current share price.
The GR Engineering Services Ltd (ASX: GNG) share price is down 6.5% to $1.36. This morning the engineering company downgraded its full-year EBITDA guidance to between $16 million and $17 million. This is a sharp drop from last year when the company posted EBITDA of $26.1 million. Management has blamed the downgrade on timing factors and expects payments to fall into FY 2018.
The Orocobre Limited (ASX: ORE) share price has fallen 5% to $3.38. After the market closed yesterday the lithium miner warned that severe weather had impacted its operations in the Puna region of Argentina and Chile. Unfortunately this has led to another downgrade to its full-year production guidance.
