In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its stellar run and is up a further 0.6% to 6,049.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Avz Minerals Ltd (ASX: AVZ) share price has plunged over 10.5% to 17 cents. The lithium-focused mineral exploration company appears to have fallen out of favour with investors since it confirmed last month that one of its paid advisors had leaked on-site images through social media. I don't believe the company handled the situation very well at all and wouldn't class it as investment grade.
The Gateway Lifestyle Group (ASX: GTY) share price has tumbled 10% to $1.78 after the residential park developer warned that settlements would be lower than expected in FY 2018. Due to moderating conditions in the housing market and the lengthening of the time it takes to sell homes, Gateway expects new home settlements in a range of 230 to 240, compared to previous guidance of around 250 settlements for the full year.
The InvoCare Limited (ASX: IVC) share price has dropped 5.5% to $12.35 after the funerals company downgraded its full-year profit guidance. According to the release, a weak first-half performance is likely to lead to a low single digit decline in earnings per share compared to FY 2017. Previous guidance had been for flat earnings per share. With its shares changing hands at 21x trailing operating earnings, I think InvoCare is still overvalued even after today's decline and taking into consideration its defensive qualities.
The JB Hi-Fi Limited (ASX: JBH) share price has slumped 8% lower to $23.52 after the retailer downgraded its net profit after tax guidance. Due to unfavourable weather conditions and heightened price competition, the company's Good Guys business saw third-quarter sales decline. In order to compete management has opted to cut prices at the expense of margin, leading to a full-year net profit after tax guidance downgrade to $230 million from between $235 million to $240 million. I would stay clear of JB Hi-Fi I don't expect conditions to ease in the short term.
