In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has failed to build on yesterday's strong performance and is flat at 6,014 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they are in the red:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has continued its decline and is down a further 2% to $6.68. At one stage today the infant formula company's shares were down as much as 5% as investors continued to take profit ahead of its annual general meeting on November 22. I would stay clear of it until its AGM update.
The Ardent Leisure Group (ASX: AAD) share price has tumbled 4% to $1.80 after the company advised of the shock resignation of its CEO after less than six months in the job. Unfortunately, this unwelcome surprise overshadowed the fact that the business performance has improved and is on course to deliver on its full-year guidance.
The BT Investment Management Ltd (ASX: BTT) share price has dropped 2.5% to $10.65 following the release of its full-year results. Although overall it was a solid result, investors appear to be disappointed with the 51% decline in performance fees.
The SYNLAIT FPO NZX (ASX: SM1) share price has sunk a further 5% to $6.19. The dairy processor has now seen its shares fall over 13% since this time last week as investors take profit. Its shares came under further pressure today when a broker note out of Credit Suisse revealed that its analysts have retained their underperform rating on its shares.
