In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has just managed to keep its head above water and is up slightly at 5,798.3 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Hub24 Ltd (ASX: HUB) share price is down 6.5% to $11.93. Earlier this week the investment and superannuation platform provider announced its funds under administration (FUA) for the December quarter. Further strong growth in FUA sent its shares hurtling higher. But a broker note out of Macquarie yesterday declaring it as a sell appears to have taken the wind out of it sails today. Macquarie initiated coverage on the platform provider’s shares with an underperform rating and $10.00 price target due to concerns over margin pressure.
The Integrated Research Limited (ASX: IRI) share price has given back some of yesterday’s gains and is down 5% to $2.17. I suspect this could be down to profit taking after the shares of the global provider of proactive experience management solutions for critical IT infrastructure, payments and communications ecosystems rocketed over 30% higher on Thursday. Integrated Research’s shares rocketed higher after its guidance for the first half of FY 2019 was significantly better than expected.
The Orocobre Limited (ASX: ORE) share price has fallen 2.5% to $3.25. As with Integrated Research, I suspect that this decline could be down to profit taking from day traders. The lithium miner’s shares rallied strongly yesterday after providing a positive update on drilling at its Cauchari operation in Argentina.
The Regis Resources Limited (ASX: RRL) share price has dropped over 4% to $4.73. Almost all of Australia’s leading gold miners have tumbled lower today after a pullback in the gold price overnight. At the time of writing the S&P/ASX All Ords Gold index is down by over 1.6%.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Integrated Research Limited. 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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