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.

OUR #1 dividend pick to buy in April is revealed for FREE here!

Financial year 2018 is here and The Motley Fool’s dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.