The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong day and is up an impressive 0.6% to 5,950 points in afternoon trade.
Four shares which have missed out on gains and sunk lower instead are listed below. Here's why they are deep in the red:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has fallen almost 10.5% to $6.82. With no broker notes to speak of, it appears as though today's decline is a reaction to one major shareholder taking profit. According to an announcement yesterday, Colonial First State Asset Management has trimmed back its holding in the dairy company from a 6.4% stake to a 5.4% stake.
The Amcor Limited (ASX: AMC) share price has fallen over 4% to $15.18 following the release of a trading update. According to the release, the packaging company has had a difficult first-quarter. Market conditions, customer performance, and raw materials costs have worsened in the September quarter. Management has held firm its full-year profit growth guidance, though.
The CSR Limited (ASX: CSR) share price is down almost 6% to $4.46 following the release of its half-year results. Although the building products company reported a 32% increase in half-year profit before significant items to $136.6 million, the market appears to be disappointed by its full-year guidance. Management expects full-year profit before significant items to be between $187 million and $223 million.
The Myer Holdings Ltd (ASX: MYR) share price has sunk 5% to 72.7 cents after the embattled retailer released a sales update for the first 13 weeks of FY 2018. According to the release, Myer posted sales of $699 million for the period, down 2.8% on the prior corresponding period. On a comparable store sales basis sales were lower by 2.1%. I would suggest investors stay clear of Myer despite how cheap it appears.
