The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a high despite heavy declines on Wall Street overnight. At the time of writing the benchmark index is up 0.25% to 6,191 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:
The Appen Ltd (ASX: APX) share price has tumbled over 4% lower to $13.41. A number of tech shares have fallen into the red today after a tech selloff on Wall Street. U.S. tech shares slumped after Bloomberg BusinessWeek claimed that data centre equipment operated by Amazon Web Services and Apple may have been under surveillance from the Chinese government via a tiny microchip inserted during the equipment manufacturing process.
The Beach Energy Ltd (ASX: BPT) share price has dropped 4% to $2.10 after the energy producer announced that it has agreed to sell 40% of its Victorian Otway interests to Eyal Ofer’s O.G. Energy for $344 million. Investors appear disappointed that this means Beach has downgraded both its short term and long term production guidance. Importantly, though, its cash flow guidance has remained the same. Beach continues to target $2.3 billion of cumulative cash flow through to FY 2023.
The HT&E Ltd (ASX: HT1) share price has plunged 25% lower to $2.21. This decline is completely attributable to the media company’s shares going ex-dividend this morning for its massive 72 cents per share special dividend. Eligible shareholders can now look forward to receiving the special dividend in their nominated accounts on October 24. HT&E declared the special dividend following the sale of its Adshel business.
The Zip Co Ltd (ASX: Z1P) share price has fallen 3% to $1.15. Investors may be concerned over news that payment solutions company Square has launched a similar service in the U.S. market. Users of the Square Installments service will be able to pay for products or services over 3, 6 or 12 months, for qualifying purchases between $250 and $10,000. The Afterpay Touch Group Ltd (ASX: APT) share price has also dropped into the red.
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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 AFTERPAY T FPO and Appen 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.