In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record another solid gain. At the time of writing the benchmark index is up a further 0.4% to 6,116.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Blackmores Limited (ASX: BKL) share price has dropped 22% to $96.78 after the health supplements company released a very disappointing half year result. Although Blackmores posted record half year revenue of $319 million, its net profit after tax came in flat at $34 million. Management blamed the poor profit result on increased investment in sales and marketing and slowing sales growth in China. It also warned that sales in China would weaken in the third quarter.
The Citadel Group Ltd (ASX: CGL) share price has tumbled 13% to $7.50 after the release of a softer than expected half year result. In the first half of FY 2019 the information management specialist posted a 5.5% increase in revenue to $49.1 million and a 5.4% lift in net profit after tax from continuing operations to $5.1 million. One positive, though, was that SaaS revenue grew 39.1% to $16.8 million. This segment now accounts for just over a third of total revenue.
The Cochlear Limited (ASX: COH) share price has fallen 8% to $179.15 following the release of the hearing solutions company's half year results. During the first half of FY 2019 Cochlear achieved a net profit after tax of $128.6 million. This was a 16% increase on the prior corresponding period in constant currency. Although this was clearly a strong result, the market appears to have been expecting even better today.
The Orocobre Limited (ASX: ORE) share price has dropped 3.5% to $2.96 after the lithium miner advised that unfavourable weather has impacted its full year production outlook. Due to the dilution of its brine feedstock, management expects FY 2019 production to be in line with the previous year. Previously, management had provided guidance for higher production year on year.
