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Why these 4 ASX shares tumbled lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has returned to form on Thursday and pushed notably higher. In afternoon trade the benchmark index is up 0.6% to 5,796 points.

Four shares that have failed to follow the market higher are listed below. Here’s why they have tumbled lower:

The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen a further 18% to $6.97 after Glaucus Research responded to the investment company’s rebuttal of its short seller report. Glaucus labelled Blue Sky’s reply as “woefully inadequate” and stated that “Blue Sky insists that we are incorrect, without providing any substantive rebuttal, analysis or calculations showing why we are wrong.” I would suggest investors stay well clear of Blue Sky’s shares.

The Harvey Norman Holdings Limited (ASX: HVN) share price is down almost 4% to $3.58. The vast majority of today’s 14 cents decline is attributable to the retailer’s shares going ex-dividend this morning for its interim payout. Eligible shareholders can now look forward to receiving Harvey Norman’s 12 cents per share dividend in their nominated bank accounts on May 1.

The Navitas Limited (ASX: NVT) share price is also down almost 4% to $4.74 after the education provider released an update on its University Partnerships division. According to the release, Navitas experienced a 3% increase in student enrolments for the first semester of 2018 in its University Partnerships division. This brings total enrolment growth across the division for FY 2018 to 6%. It appears as though the market was expecting stronger growth.

The Virgin Australia Holdings Ltd (ASX: VAH) share price has tumbled 4.5% to 21 cents. On Wednesday the airline announced that its strategic alliance with Air New Zealand Limited (ASX: AIZ) would end in October after the latter party wanted out of the alliance. While Virgin’s management believes this provides opportunities for the rest of the business in the NZ market, shareholders don’t appear as bullish judging by the share price reaction.

I would suggest that investors avoid Virgin and buy Qantas shares or this hot dividend stock.

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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 Scott Phillips.

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