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Why these 4 ASX shares tumbled lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have given back its early gains, but still sits over 0.1% higher at 6,024 points in 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 LiveHire Ltd (ASX: LVH) share price has fallen 7.5% to $1.28 following the release of its latest quarterly update. Although quarterly cash receipts grew 22% on the prior quarter to $541,000, investors appear concerned that it may not be able to live up to its lofty valuation. Whilst I am a fan of the company, I don’t think its cash receipts are yet reflective of the $20 billion global market opportunity it believes it has.

The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 5.5% to $1.00. The majority of the lithium miners have sunk into the red today after one of Macquarie’s equity analysts labelled them as the broker’s top short idea due to concerns over excess supply. Investors may want to look out for signs of weakening lithium prices over the coming months.

The Resolute Mining Limited (ASX: RSG) share price is down 2.5% to $1.13 after the gold price sank overnight. The spot gold price is currently fetching US$1,325 an ounce, down 1.4% from its high on Wednesday. I think there could be further declines to come over the next few months as U.S. rates rise and bond yields widen.

The Whitehaven Coal Ltd (ASX: WHC) share price has dropped 5% to $4.55 after the coal miner downgraded its full-year production guidance by between 7% and 9%. This is due to issues with the roof at one of its key assets. As a result of the downgrade, Whitehaven copped a downgrade by Citi. The broker rates its shares as a sell with a $4.20 price target.

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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.

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