The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's decline with a strong gain on Wednesday. In afternoon trade the index is up 0.45% to 6,189.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Japara Healthcare Ltd (ASX: JHC) share price has fallen 5% to $1.35 after Australia's aged care operators were downgraded by analysts at Macquarie. The broker has downgraded Japara to an underperform rating from neutral and slashed the price target on its shares to $1.33. Macquarie believes that increased scrutiny brought about by the Royal Commission will weigh on the company and its peers.
The Resapp Health Ltd (ASX: RAP) share price has tumbled 15% to 23 cents after returning from a trading halt. This morning the digital healthcare company's shares returned to trade after completing a $7.5 million placement at 22 cents per share. Management advised that proceeds from the placement will strengthen its balance sheet to enable it to effectively pursue multiple exciting projects simultaneously.
The Synlait Milk Ltd (ASX: SM1) share price has fallen over 6% to $10.93 following the release of the dairy processor's full year results. Although Synlait posted an 89% increase in full year profit, its sales volume guidance for the year ahead is pointing to a major slowdown. While I thought Synlait delivered an outstanding result, I do think its shares are expensive given its guidance.
The TPG Telecom Ltd (ASX: TPM) share price has dropped over 5% to $8.25 a day after the release of its full year results. Although the result was ahead of Citi's expectations due to lower capex, it has held firm with its sell rating and placed a $6.75 price target on the telco company's shares. The broker continues to expect earnings to go backwards over the coming years due to weakness in its consumer division.
