The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the majority of its morning gains and sits ever so slightly higher at 5,874.4 points in afternoon trade.
Four shares that have failed to follow the market higher on Wednesday are listed below. Here's why they have crashed lower:
The Catapult Group International Ltd (ASX: CAT) share price has plunged 9% lower to 80 cents after the sports analytics and wearables company released its preliminary half year results. Although Catapult delivered a 32% increase in revenue, it warned that its much-hyped Prosumer business wasn't performing to expectations. As a result, it doesn't expect to achieve its growth targets and is pulling back on its investments.
The GUD Holdings Limited (ASX: GUD) share price is down 9% to $11.12 after its half year results fell short of expectations. The consumer products company reported half year net profit after tax of $29.3 million, up 3% on the previous corresponding period. Although its Automotive business performed well, the Davey water products business was a drag on its result because of lower demand due to the droughts.
The Qantas Airways Limited (ASX: QAN) share price has tumbled 5.5% lower to $5.56 after rival airline Air New Zealand Limited (ASX: AIZ) released a disappointing trading update. Air New Zealand downgraded its earnings before tax guidance to $340 million to $400 million from the range of $425 million to $525 million. The airline made the move after updating its revenue forecasts based on recent forward booking trends.
The Syrah Resources Ltd (ASX: SYR) share price has crashed 14% lower to $1.75 after the graphite miner released its quarterly update. Although Syrah achieved its production guidance for FY 2018, investors appear disappointed with its cost and price guidance for the year ahead. It expects C1 cash operating costs to trend from US$550 per tonne down towards US$400 per tonne during 2019 and a weighted average CIF price of US$500 to US$600 per tonne in the first quarter.
