In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and pushed higher. At the time of writing the benchmark index is up 0.3% to 5,903.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Harvey Norman Holdings Limited (ASX: HVN) share price has dropped 3.5% to $3.37 despite there being no news out of the retailer. I suspect that concerns over the housing slump could be weighing on Harvey Norman's shares once again. According to the AFR, this morning UBS warned that falling house prices could hurt settlements.
The Redbubble Ltd (ASX: RBL) share price has fallen 5% to 94 cents. The catalyst for this decline appears to have been profit taking from traders. Prior to today Redbubble's shares were up an impressive 12.5% this week thanks to a positive investor update on Tuesday. That update revealed that the ecommerce company achieved operating EBITDA of $5.6 million in the first half of FY 2019.
The Syrah Resources Ltd (ASX: SYR) share price has continued its slide and is down a further 7.5% to $1.61. Syrah's shares have now lost over 20% of their value since the release of its fourth quarter update. Although the graphite producer met its revised production target, the update revealed weaker pricing and higher costs than the market had anticipated.
The Telstra Corporation Ltd (ASX: TLS) share price is down almost 3% to $3.10. Although there has been no real news out of the telco giant, investors may be responding to its CEO Andy Penn warning that the NBN could cost it up to half of its profits. In other news, Optus announced plans to launch 5G fixed wireless broadband plans by the middle of the year. These plans will offer speeds and pricing comparable with the NBN.
