The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) bounced back from Monday's 1.9% fall to rise 58 points or 1.5% on Tuesday.
These three stocks went against the trend, sinking by more than 6%.
Qantas Limited (ASX: QAN) tumbled 18.7% to close at $1.16 after announcing a profit downgrade that surprised the market. The International division saw losses double to $450m, the fuel bill hits $4.4bn, and the company expects to report a loss for the first time since it floated 17 years ago. The company blamed Europe's deteriorating debt crisis, the domestic turf war with Virgin Australia Holdings Limited (ASX: VAH) and the costs of industrial action for the downgrade.
Integra Mining Ltd (ASX: IGR) fell 9.2% to close at 44.5 cents, obliterating the 6% gain the shares made on Monday. The company says it's on track to produce 100,000 ounces of gold in the 2013 financial year, up from 82,000 ounces this year. Integra is forecasting an operating cash profit in 2013 of $52m, based on a gold price of A$1,500 per ounce. Cash costs are expected to fall from $850 per ounce to $750 per ounce by the end of the 2013 financial year.
While that all sounds positive, the company also advised that it was experiencing problems with its crusher, resulting in numerous failures of crusher shafts, drive motors, belts and bushes. Perhaps investors didn't like that, and decided to bail out of the stock?
Fairfax Media Limited (ASX: FXJ) closed at 58 cents after falling 6.5% with analysts speculating that an investor had sold out of the stock. The volume of shares traded significantly above the daily average, and many being traded at market close. Fears of a profit downgrade, following strikes by journalists over restructuring, could also be a likely culprit for the falling share price.
Media stocks have been hammered this year, with falling ad revenues impacting their profits. Ten Network Holdings Limited (ASX: TEN) was in a trading halt yesterday, following the announcement of a capital raising, with the company's shares falling 24% this year.
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Motley Fool contributor Mike King doesn't own shares in any companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.