In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has stormed higher despite heavy declines on Wall Street overnight. At the time of writing the local market is up 0.8% to 6,150.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Argosy Minerals Limited (ASX: AGY) share price has given back some of its recent gains and dropped over 5% lower to 26.5 cents. The prospective lithium miner's shares rallied higher on Monday and Tuesday following the release of two positive announcements. It appears that investors are taking a bit of profit off the table today.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has dropped almost 3% to $8.89. This morning a broker note out of Ord Minnett revealed that its analysts have downgraded the beverage company's shares to a lighten rating from hold with an $8.25 price target. The broker appears disappointed that its performance in Indonesia is not improving. I would have to agree with this view and would only consider buying shares if they were closer to the $7 mark.
The Greencross Limited (ASX: GXL) share price has fallen almost 4% to $4.22. Today's decline is likely to be attributable to a broker note out of Deutsche Bank which voiced concerns over the integrated pet care company's roll out of in-store clinics. The broker has a sell rating and $3.70 price target on Greencross' shares.
The Telstra Corporation Ltd (ASX: TLS) share price has tumbled over 5% to $2.76 after the telco giant held its investor day. The market appears to have been disappointed with Telstra's medium-term plans and its failure to give any guidance for its FY 2019 dividend. Further, management's FY 2019 underlying EBITDA guidance of $8.7 billion to $9.4 billion is around 15% below consensus estimates if the mid-point of the guidance is used.
