The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for its third consecutive day of gains and is 0.3% higher at 5,671.5 points in early afternoon trade.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 5% to 90.2 cents. This decline means the pharmaceutical company's shares have given back all the gains they made on Wednesday after announcing the FDA approval for its Tolsura 65mg capsules. Tolsura is a new formulation of itraconazole indicated for the treatment of certain systemic fungal infections in adult patients.
The St Barbara Ltd (ASX: SBM) share price has fallen 4% to $4.29 after Credit Suisse downgraded the gold miner's shares to an underperform rating with a $3.90 price target. Although the broker has been impressed with St Barbara's performance, it feels that its shares have rallied too far and are now fully priced.
The Telstra Corporation Ltd (ASX: TLS) share price has tumbled 4% lower to $2.91 after the ACCC advised that it has concerns with the TPG Telecom-Vodafone merger. The market had expected the merger to lead to reduced competition and stronger margins in the telco sector. If this fails to happen then it could potentially put Telstra's dividend at risk of being cut.
The TPG Telecom Ltd (ASX: TPM) share price is down almost 17% to $6.45 after the ACCC revealed its concerns over the planned merger between it and Vodafone Australia. The ACCC said that "removing TPG as a new independent competitor with its own network, in what is a concentrated market for mobile services, would be likely to result in a substantial lessening of competition." However, TPG Telecom advised that it remains confident the merger will complete in the first half of next year.
