The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's decline and is on course to post a solid gain on Tuesday. In afternoon trade the benchmark index is up 0.4% to 6,086.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Flight Centre Travel Group Ltd (ASX: FLT) share price has dropped 2.5% to $42.33. Today's decline is likely to be attributable to a broker note out of Morgans this morning. According to the note, the broker has downgraded Flight Centre's shares to a hold rating and cut the price target on them to $47.75 ahead of its half year results release. The broker appears concerned that weaker discretionary spending could be weighing on the company's performance.
The Pact Group Holdings Ltd (ASX: PGH) share price has tumbled almost 7.5% to $3.64 after the packaging company announced a non-cash impairment charge in the range of $310 to $340 million after tax. The impairment charges reflect challenging trading conditions and a moderated long-term outlook for Pact's Australian businesses, resulting in the use of more conservative assumptions regarding growth and discount rates.
The Paragon Care Ltd (ASX: PGC) share price has crashed 10.5% lower to 51.5 cents following the release of a trading update. Although the medical equipment provider's continuing operations are performing well, management warned that its half year results will be impacted by its discontinued business and non-recurring costs. Paragon Care's shares hit a multi-year low today.
The Transurban Group (ASX: TCL) share price is down almost 2.5% to $12.17 after the toll road giant released its half year results. The market appears disappointed that Transurban posted a 56% decline in profit from ordinary activities to $145 million despite revenue lifting 30.2% to $1,286 million. Proportional earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 9.8% to $1,001 million.
