Why these 4 ASX shares have dropped lower today

In afternoon trade on Wednesday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to put its mini meltdown behind it and has edged higher. At the time of writing the index is up 0.1% to 6,045.6 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:

The Lynas Corporation Ltd (ASX: LYC) share price is down 3% to $1.71. The rare earths producer’s shares have come under significant pressure this month after it revealed that the Malaysian government was looking into conducting a review of its operations in the country.

The MNF Group Ltd (ASX: MNF) share price has tumbled 7% lower to $4.80 after the provider of internet-based telecommunication services released its guidance for FY 2019 and FY 2020. Management advised that earnings per share is expected to rise just 7.3% this year before accelerating to between 16.5% and 28% growth in FY 2020. Considering its premium valuation, this level of growth doesn’t appear sufficient enough for many investors.

The Monash IVF Group Ltd (ASX: MVF) share price has continued its decline and is down a further 4.5% to 94.7 cents. On Tuesday the fertility treatment company’s shares crashed lower after its CEO resigned with immediate effect less than one year into the job. This could be a sign that things are not looking good behind the scenes as the company struggles with tough trading conditions and reports of unhappy staff.

The Orocobre Limited (ASX: ORE) share price has fallen almost 6% to $3.91 despite there being no news out of the lithium miner. The shares of Orocobre and the rest of the lithium miners will often swing wildly from one day to the next. Because of this, although I like Orocobre, I feel its volatility makes its largely unsuitable for most investors.

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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 and has recommended MNF Group Limited. The Motley Fool Australia has recommended Monash IVF Group 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.

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