Why ARB, Domain, Redbubble, & Treasury Wine shares are sinking today

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of European markets and is pushing higher. At the time of writing, the benchmark index is up 0.6% to 6,909 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are under pressure:

ARB Corporation Limited (ASX: ARB)

The ARB share price is down over 2% to $38.25 following its half year update. For the six months ended 31 December, the 4×4 parts manufacturer reported a 21.7% increase in sales revenue to $283.9 million and a whopping 113.5% jump in profit after tax to $54 million. Investors may be disappointed with the company’s decision to reduce its interim dividend payout ratio well below historical…