The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record another solid gain on Thursday. In afternoon trade the benchmark index is up 0.5% to 5,924.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Jatenergy Ltd (ASX: JAT) share price has tumbled almost 8% lower to 8.5 cents. On Wednesday the infant formula company's shares rocketed 53% higher following the release of a sales memorandum worth an estimated $8 million. In addition to this, two more memorandums were signed today. However, it is worth noting that these are not legally binding and are not guaranteed to lead to sales. In light of this, I would suggest investors disregard them until they become binding.
The Mesoblast limited (ASX: MSB) share price is down 6% to $2.08 despite there being no news out of the regenerative medicine company. Considering its shares have been on fire over the last couple of weeks, I suspect that today's decline can be attributable to profit taking from some investors. Prior to today Mesoblast's shares were up 23% in the space of just two weeks.
The Pushpay Holdings Ltd (ASX: PPH) share price has continued its slide and is down a further 5.5% to $3.14. The payment solutions company's shares tumbled lower on Wednesday following the release of its half year results. Although those results were within its guidance range, I suspect that some investors had been counting on further outperformance. Once the dust settles I think Pushpay could be worth a look.
The St Barbara Ltd (ASX: SBM) share price has fallen over 3% to $4.16. Almost all Australian gold miners are in the red today as investors rotate away from safe haven assets following the favourable result of the U.S. Midterm elections. The S&P/ASX All Ords Gold index is down 1.9% today.