In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is pushing higher once again. At the time of writing the benchmark index up a solid 0.3% to 5,963 points.
Four shares that haven’t been able to follow the market higher today are listed below. Here’s why they have sunk lower:
The ALS Ltd (ASX: ALQ) share price has fallen almost 9% to $7.44 following the release of its half-year results after the market closed on Monday. Although the testing services company hit the low-end of its guidance, its shares appear to have been priced for outperformance. I would stay clear of ALS until its shares trade on a more reasonable valuation.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down 4% to $11.86 after the healthcare company released its half-year result. Investors appear to believe that its shares are a little expensive given its full-year guidance of net profit between NZ$185 million an NZ$190 million. This will be an increase of between 9% and 12.5% year-on-year.
The Graincorp Ltd (ASX: GNC) share price has tumbled 5% to $8.12. This morning the grains company released its full-year result to the market. Although Graincorp posted a solid full-year profit, its outlook for FY 2018 was very subdued.
The Kathmandu Holdings Ltd (ASX: KMD) share price has fallen 4% to $2.24 after the retailer provided the market with a trading update ahead of its annual general meeting. According to the release, so far in FY 2018 Kathmandu has seen group same store sales decline 1.6% on a constant currency basis. The culprit was its New Zealand business which has seen same store sales decline by 10.3%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.