The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for a third successive day of gains and is up 0.4% to 6,331.8 points in afternoon trade.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower today:
The Cabcharge Australia Limited (ASX: CAB) share price has fallen 7.5% to $2.09 after the release of its full year results. Although the payments company reported a solid 22% increase in revenue to $185.5 million, its underlying profit after tax sank by a sizeable 36.2% to $13.6 million. This forced the Cabcharge board to slash its full year dividend down to 8 cents from 20 cents in FY 2017.
The ELMO Software Ltd (ASX: ELO) share price has tumbled 4.5% to $7.16 following the release of its full year results. The technology company's shares were down as much as 15% at one stage before bouncing back strongly after lunch. The catalyst for the sell-off may have been its EBITDA guidance for the year ahead which overshadowed an impressive full year result.
The Experience Co Ltd (ASX: EXP) share price has fallen a little over 3% to 44.5 cents after the adventure company posted full year revenue of $135.3 million and normalised EBITDAI of $30.2 million. This was a 51.1% and 34.8% increase, respectively, on FY 2017's result. Earnings per share came in at 1.34 cents, meaning its shares are changing hands at 33x earnings now. Which I think is reasonably good value considering its guidance for EBITDAI growth of between 22% and 36% in FY 2019.
The Speedcast International Ltd (ASX: SDA) share price has continued its decline and is down a further 5.5% to $3.97. The remote communications and IT services provider's shares plunged lower on Tuesday after it downgraded its full year guidance. This led to Morgans downgrading its shares from an add rating to hold with a reduced price target of $4.09. I would have to agree with Morgans on this rating.
