The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back strongly from yesterday’s decline and is up 0.8% to 5,733 points in early afternoon trade.
Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Coca-Cola Amatil Ltd (ASX: CCL) share price has fallen almost 4% to $8.23 after the Fairfax media reported that Woolworths Limited (ASX: WOW) supermarkets are planning to cut the beverage company’s bottled water shelf space. This is the second blow dealt by Woolies in recent weeks. The first being its decision to not stock the company’s new Coca-Cola No Sugar range. Although it looks cheap, I would suggest investors stay clear of its shares until after earnings season.
The GetSwift Ltd (ASX: GSW) share price has tumbled 5% to $1.07 despite the release of a positive announcement out of the company. This morning the fast-growing logistics platform provider announced a multi-year agreement with Vietnam-based food delivery marketplace Vietnammm.com. The company will no doubt aim to gain a similar agreement with Vietnammm’s parent company Takeaway.com in the future. The latter processed 22.4 million deliveries in 2016.
The Mitula Group Ltd (ASX: MUA) share price has plunged 42% to 57.7 cents after the online advertising aggregator advised that it was going to fall short of its calendar year EBITDA forecasts. Mitula now expects EBITDA to come in between $12 million and $13 million, rather than the company’s previous EBITDA forecast of between $17 million and $19 million.
The Speedcast International Ltd (ASX: SDA) share price has dropped 3.5% to $3.59 after Morgans downgraded the satellite services provider to a hold rating and reduced its price target to $3.86. This was in response to yesterday’s announcement which revealed that it plans to acquire UltiSat for US$100 million.
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Motley Fool contributor James Mickleboro owns shares of GetSwift Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.