It has been another positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is up a sizeable 1.1% to 6,241.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Apollo Tourism & Leisure Ltd (ASX: ATL) share price has fallen 3.5% to $1.65 after announcing plans to acquire the Coromal and Windsor Caravan brands and associated raw materials and finished goods stock from Fleetwood Corporation Limited (ASX: FWD). Shareholders seem concerned over this acquisition as these businesses have been a major drag on Fleetwood's performance of late. Unsurprisingly, the sale has been celebrated by Fleetwood's shareholders.
The Atlas Iron Limited (ASX: AGO) share price is down almost 2.5% to 4.4 cents. Some investors may have been expecting Mineral Resources Limited (ASX: MIN) to come back with a better takeover offer today, but instead it has terminated its scheme implementation deed. Mineral Resources' shares have also taken a tumble on the news.
The MotorCycle Holdings Ltd (ASX: MTO) share price has tumbled 7% to $3.19 after the motorcycle retailer provided a trading update after the market closed on Wednesday. According to the release, management expects to report EBITDA of between $19 million and $21 million in FY 2018. While this is up notably on last year's $14.6 million, it is below the company's expectations. Management has blamed difficult trading conditions for the underperformance.
The Ramsay Health Care Limited (ASX: RHC) share price has plunged 7% lower to $57.81. At one stage the private hospital operator's shares were as much as 12.5% lower before rebounding slightly. This morning Ramsay downgraded its full-year core profit growth guidance to just 7% and said it expected current trends to continue in FY 2019. Ramsay has been on my avoid list for some time and looks likely to remain on there for a while to come.
