The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having a strong day and is up 0.3% to 5,858 points in afternoon trade.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Bank of Queensland Limited (ASX: BOQ) share price has fallen 2% to $10.69 after the regional bank's half-year result fell short of the market's expectations. For the first-half of FY 2018 the bank achieved cash earnings after tax of $182 million, up 4% on the prior corresponding period. There had been talk of another special dividend being announced with the result, but the board elected not to declare one.
The Eclipx Group Ltd (ASX: ECX) share price is down almost 2.5% to $3.35 despite the release of a positive broker note out of UBS this morning. Although the broker noted concerns over the company's funding costs, it believes these increases can be passed on to its customers. The broker has a buy rating and $4.55 price target on the company's shares.
The Perpetual Limited (ASX: PPT) share price has come under pressure for a second day running and is down 2.2% to $41.16. On Monday the fund manager released its latest funds under management (FUM) update. That update revealed that FUMs were at $30.2 billion at the end of March, a decrease of $2.6 billion on the prior quarter. Management blamed this decline on a combination of market depreciation and net outflows from the institutional channel.
The Village Roadshow Ltd (ASX: VRL) share price is down almost 12% to $2.78 after things went from bad to worse for the entertainment company. This morning Village Roadshow advised that its Theme Parks and Cinema Exhibition segments have continued to experience challenging trading conditions. As a result, management expects full-year net profit after tax before material items and discontinued operations to be within the range of a loss of $10 million to break even. I would stay clear of Village Roadshow for the time being.
