In afternoon trade on Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded from yesterday's heavy decline and is up 0.2% to 6,140.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has continued its slide and is down a further 3.5% to $17.54. The payments company's shares have come under pressure since the release of its half year results on Tuesday. Although Afterpay Touch delivered an impressive first half result, it appears as though the market had been pricing in an even stronger one.
The Bellamy's Australia Ltd (ASX: BAL) share price is down 2% to $7.90 after the infant formula company posted a significant decline in half year profits. Although a weak result was expected, this appears to have still fallen short of the market's expectations. As a result of its weak first half, management has downgraded its full year revenue and EBITDA margin guidance. Its shares were as much as 10% lower at one stage.
The HUB24 Ltd (ASX: HUB) share price has fallen heavily for a second day in a row and is down over 4% to $11.67. The investment platform company's shares have been sold off after its half year result fell short of expectations. Although HUB24 posted a 32% increase in underlying EBITDA to $6.5 million, this was 23% lower than the underlying EBITDA of $8.4 million that Goldman Sachs had predicted.
The OneVue Holdings Ltd (ASX: OVH) share price has tumbled 5.5% lower to 50.5 cents a day after the release of its half year results. During the first half the superannuation and investment solutions provider delivered a 31% increase in revenue to $26.1 million but only an 8% lift in EBITDA. Investors appear disappointed that its operating earnings didn't grow in line with revenue.
