It has been another positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the benchmark index is up 0.6% to 6,305.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The Caltex Australia Limited (ASX: CTX) share price has dropped 7% to $31.00 after the fuel retailer released its half year results. The market appears to have been disappointed with the company's Replacement Cost Profit (RCOP) net profit after tax which grew just 1% to $296 million during the half. The soft result was caused by the negative impacts of a lower Caltex Refiner Margin, lower retail fuel margins, and the impact of the ongoing transition of franchise sites to company operations.
The LiveHire Ltd (ASX: LVH) share price has plunged 13.5% lower to 45 cents following the release of the talent technology company's full year results which revealed a 133% increase in total operating revenue. However, although this growth sounds strong, it was from an extremely low base and amounted to just $1.65 million. In order to achieve this revenue growth the company burned through almost $8.1 million of cash. While LiveHire may have a large addressable market and it is early days, I've yet to see any evidence that it will ever take a meaningful slice of it.
The MNF Group Ltd (ASX: MNF) share price has dropped 16% to $4.93. This morning the global high-quality voice communications specialist posted a solid 15% increase in revenue to $220.7 million but a disappointing 1% decline in net profit after tax to $11.9 million. A one-off investment into the Pennytel brand launch of $2.3 million weighed on the company's results this year.
The Speedcast International Ltd (ASX: SDA) share price has been smashed and is down 33% to $4.50 after releasing its half year results. Although Speedcast delivered a strong first half profit result, its guidance for the full year caused investors to jump ship. Management downgraded its underlying EBITDA guidance to be in the range of US$135 million to US$145 million. Previously it was expected to be around US$155 million.
