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Why these 4 ASX shares are tumbling lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s selloff and climbed 0.7% to 5,681.8 points.

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

The Ardent Leisure Group (ASX: AAD) share price has continued its decline and is down a further 3% to $1.44. The entertainment company’s shares have fallen heavily this week following the release of a trading update at its annual general meeting. Although the company’s update was reasonably positive, investors appear a touch concerned by the 4.7% decline in constant centre sales by its Main Event business in October.

The Costa Group Holdings Ltd (ASX: CGC) share price is down 5.5% to $6.48 on the day of its annual general meeting. In its presentation the horticulture company’s management reaffirmed guidance for low double-digit earnings growth in FY 2019. However, management’s warning that its earnings growth would be skewed to the second half may have spooked investors. First half earnings are expected to be lower year on year.

The Food Revolution Group Ltd (ASX: FOD) share price has tumbled 8.5% lower to 16 cents. This decline comes despite an announcement this morning revealing that it has secured a 12-month supply contract to produce a new Apple Mango juice for Aldi. Management believes the supply contract will boost sales within Australia and expects it to be a key step forward as it rapidly expands its product range and realises the next phase of growth.

The Silver Chef Limited (ASX: SIV) share price has dropped almost 8% lower to $1.52 despite there being no news out of the equipment funding company. However, last month Silver Chef posted a statutory net loss after tax of $48.8 million. Its shares have unsurprisingly been under significant pressure since then. Earlier today they hit a multi-year low of $1.50.

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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 COSTA GRP FPO. 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.