In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains but is still up over 0.2% to 6,122 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The Greencross Limited (ASX: GXL) share price has fallen a further 6% to $3.92 a day after the integrated pet care company downgraded its earnings guidance. Today's decline could be attributable to a broker note out of Deutsche Bank. According to the note, its analysts downgraded Greencross to a sell with a $3.70 price target. Although its shares trade on an undemanding earnings multiple, I wouldn't be a buyer of its shares just yet after yesterday's dismal update.
The IDP Education Ltd (ASX: IEL) share price has tumbled 3.5% lower to $8.00. The reason for this decline is likely to be a note out of Goldman Sachs this morning. According to the note, the broker has downgraded IDP Education's shares to a neutral rating from buy on valuation grounds. Goldman has, however, lifted its price target to $8.25. I'm a big fan of IDP Education but I think its shares are about fair value now after an impressive rally.
The Link Administration Holdings Ltd (ASX: LNK) share price has plunged 8% to $7.24. This morning Link advised that the Federal Budget's proposed changes to the treatment of inactive superannuation accounts are likely to impact its future revenues. Although at this time the extent of the damage is not known, the market appears to think it will be reasonably significant.
The Telstra Corporation Ltd (ASX: TLS) share price has fallen 2.5% to $3.17 after telco rival TPG Telecom Ltd (ASX: TPM) released details on its mobile plans. The plans that TPG Telecom has proposed are very aggressive and some investors appear concerned that it could steal market share away from the telco giant.
