Why these 4 ASX shares are sinking lower today

The Speedcast International Ltd (ASX:SDA) share price is one of four sinking lower on Tuesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »