Why these 4 ASX shares have dropped lower today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong run and is up 0.3% to 6,104 points in afternoon trade.

Unfortunately, not all shares on the market have been able to follow the market higher today. Four shares which have dropped notably lower are listed below:

The Baby Bunting Group Ltd (ASX: BBN) share price has fallen almost 3.5% to $1.31 after the baby products retailer downgraded its earnings guidance due to the distressed trading of competitors and the liquidation of their stock. Baby Bunting now expects FY 2018 EBITDA to be in the range of $18 million and $20 million. Previous guidance was for EBITDA of around $23 million. I expect the company to return to growth in FY 2019 and think investors ought to consider buying on this weakness.

The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has continued its decline and is down a further 5.5% to $2.36. On Monday the embattled asset manager surprised the market when it withdrew its guidance for FY 2018. In addition to this, yesterday’s update revealed that the company has been charging fees on undrawn debt facilities.

The Fleetwood Corporation Limited (ASX: FWD) share price has plunged over 16% to $1.89 after releasing an earnings update. According to the update, the accommodation solutions and recreational vehicle company expects full year underlying EBIT of approximately $5.5 million. Previous guidance has been for full year EBIT marginally ahead of the $14.6 million it achieved in FY 2017. Ongoing losses in its Caravan Manufacturing business are partly to blame.

The Murray River Organics Ltd (ASX: MRG) share price has tumbled over 18% to 27 cents after the organic products company downgraded its earnings guidance yet again. Murray River Organics has only been listed on the ASX for 18 months, but I’ve already lost count of how many times it has cut its guidance. Unsurprisingly it is trading well below its listing price of $1.30. In my opinion its shares are simply not investment grade.

The Richest Man Alive Invests in This

The richest man in the world has just launched a $100 million investment fund and investors who don't take note could miss out on a massive opportunity.

And it isn't by sheer luck. He did it by looking to the future and investing in the big ideas of tomorrow.

This could be your chance to get in on the ground floor!

Click here to discover more!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!