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The S&P/ASX 200 Index (ASX: XJO) has recovered from a sizeable decline at the open and is pushing higher. At the time of writing the benchmark index is up 0.35% to 6,166.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down just over 2% to $17.12. This is despite there being no news out of the travel company today. However, prior to today, its shares were up over 55% since this time last month. I suspect that some investors have decided to take a bit of profit off the table today.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has fallen 4.5% to $6.67. This morning the salary packaging and fleet management company released its annual general meeting presentation. This presentation included its guidance for the first half. According to the release, first half net profit is expected to be $32 million. This will be a decline of 21% from its profit of $40.5 million in the prior corresponding period.
The Woodside Petroleum Limited (ASX: WPL) share price is down 2% to $24.16. This decline appears to have been driven by a pullback in oil prices today. According to CNBC, the WTI crude oil price is down 1.5% to US$38.38 a barrel. This could have been driven by a warning by Goldman Sachs that a 20% oil price correction might already be underway.
The Worley Ltd (ASX: WOR) share price is down almost 5% to $10.14. This follows the release of its Investor Day presentation this morning. Within the presentation management advised that it has postponed all non-essential capital expenditure. One broker that remains positive is Credit Suisse. On Tuesday it upgraded the company's shares to an outperform rating with a $10.50 price target.
