Why these 4 ASX shares dropped lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a bit of a mixed day. In afternoon trade the index has recovered from its lows, but still sits slightly lower at 6,246.6 points.

Four shares that have weighed on the market today are listed below. Here’s why they have dropped lower:

The Catapult Group International Ltd (ASX: CAT) share price has fallen over 3% lower to $1.20 following the release of its preliminary full-year results. For FY 2018 the sports analytics company expects to report revenue of $75.8 million, representing growth of 26% on a reported basis and 19% on a pro forma basis. The company’s Elite Wearables segment was the main driver of growth, achieving revenue growth of 29% year-on-year. Some investors may have been expecting stronger growth.

The LiveHire Ltd (ASX: LVH) share price has plunged almost 13.5% lower to 42 cents two days after the release of its quarterly results. I thought its fourth quarter and full-year results were underwhelming and I struggle to see how the $130 million talent technology company will ultimately justify its market capitalisation. LiveHire reported annual cash receipts of $2 million in FY 2018 and operating cash outflows of $2.83 million.

The Macquarie Group Ltd (ASX: MQG) share price has dropped almost 3% to $121.43 on the day of its annual general meeting. Investors may have reacted negatively to news that its CEO Nicholas Moore is set to retire on November 30 2018. The long-serving head of Macquarie’s core Macquarie Asset Management group, Shemera Wikramanayake, will be his replacement.

The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price has fallen 8.5% to $2.30 after announcing plans to merge with Fairfax Media Limited (ASX: FXJ). Nine shareholders appear to believe that Fairfax shareholders got the better part of the deal. Management advised that the merger is expected to be earnings per share neutral to Nine after cost savings.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. 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.

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