The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a weak start and pushed higher in afternoon trade. At the time of writing the index is up 0.15% to 6,104.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The Bapcor Ltd (ASX: BAP) share price is down 1.5% to $6.73 following the release of a broker note out of UBS. According to the note, the broker has downgraded Bapcor's shares to a neutral rating from buy largely on valuation grounds after a strong run. UBS has increased the price target on its shares to $7.00, though.
The BSA Limited (ASX: BSA) share price has tumbled almost 12% to 26.5 cents after providing a market update. According to the release, the Heating, Ventilation and Air Conditioning (HVAC) Build commercial market continues to be highly competitive both in terms of pressure on margins and generally accepted contractual risk profiles. As a result, the company's HVAC business has continued to suffer losses and group EBITDA for the year is expected to be $8 million to $10 million compared to $11.1 million in FY 2017.
The Bubs Australia Ltd (ASX: BUB) share price has returned to trade and fallen almost 4% to 86 cents. The infant formula hopeful was in a trading halt while it completed its share placement to raise $40 million at 75 cents per share through professional and sophisticated investors in Australia and internationally. Management advised that the proceeds will be used to enhance its financial flexibility and provide working capital to support new strategic opportunities and growth momentum, particularly in relation to the China market.
The Telstra Corporation Ltd (ASX: TLS) share price has fallen 2% to $2.88 despite there being no news out of the telco giant. But considering its strong run last week and its investor day event being just days away, some shareholders appear to be taking a bit of profit off the table. While I think Telstra is good value at this level, I would wait to see what comes out of the event later this week.
