In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to continue its positive run. At the time of writing the benchmark index is up 1% to 5,780.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The FBR Ltd (ASX: FBR) share price has continued its slide and is down a further 9% to 7.8 cents. The robotics company's shares have now lost a third of their value in the space of a month. Investors have been heading to the exits in their droves after FBR and global equipment manufacturing giant Caterpillar "mutually agreed to discontinue the current arrangements between them." Caterpillar also advised of its intention to sell its FBR shares.
The Integrated Research Limited (ASX: IRI) share price has dropped 3.5% lower to $1.61 despite there being no news out of the software company. A sudden deterioration in the company's performance and the surprise resignation of its CEO has led to the Integrated Research share price falling a massive 59% over the last 12 months.
The Navigator Global Investments Ltd (ASX: NGI) share price has crashed 29% lower to $3.00 after the investment company released a business update. According to the release, increased volatility and the downturn in global asset markets has led to a reduction in assets under management. As a result, it expects its second half EBITDA to decline 20% half on half.
The Platinum Asset Management Limited (ASX: PTM) share price is down 5.5% to $4.61 after the asset manager provided an update on its investment income and performance fees for the first half of FY 2019. The update revealed that Platinum will record an unrealised loss on its seed investments and also receive little in the way of absolute return related performance fee income for the half-year ending December 31.
