In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the early gains that saw it break through the 6,000 points mark but still sits 0.7% higher at 5,997 points.
Four shares that haven't been able to follow the market higher today are listed below. Here's why they sank lower:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has fallen 3% to $6.93 following what appears to be a spot of profit taking in the infant formula industry. In just over two weeks a2 Milk will hold its annual general meeting. I would suggest that investors hold off an investment until then.
The Bellamy's Australia Ltd (ASX: BAL) share price has followed a2 Milk lower and is down 5% to $11.80. Considering its incredible share price rally over the last few months I can't say I'm surprised to see investors taking profit today.
The Harvey Norman Holdings Limited (ASX: HVN) share price has fallen 2.5% to $3.67 despite there being no news out of the retailer. However, with Amazon being tipped to launch by the end of the month, investors may be heading for the exits ahead of its arrival.
The South32 Ltd (ASX: S32) share price is down almost 2% to $3.48. With no news out of the diversified miner, today's decline is likely to be attributable to a research note out of Deutsche Bank. According to the note, Deutsche has downgraded South32 to a sell with a $2.80 price target. The broker believes that costs could rise significantly in FY 2018 and negatively impact its earnings.
