In afternoon trade the S&P/ASX 200 index has bounced back from a poor start and is on course to record a solid gain. At the time of writing the benchmark index is up 0.4% to 6,274.8 points.
Four shares that have failed to follow the market higher on Tuesday are listed below. Here’s why they have tumbled lower:
The Blackmores Limited (ASX: BKL) share price is down 3% to $87.20 after the health supplements company released its third quarter result. The market was expecting a soft result after management warned that it did “not expect the second half profit performance to be ahead of the first half result.” However, Blackmores’ 8% decline in invoiced sales and 43.3% drop in quarterly net profit after tax appears to have been a lot worse than anticipated.
The G8 Education Ltd (ASX: GEM) share price is down 3.5% to $3.18 after the childcare centre operator was downgraded by analysts at Deutsche Bank. According to the note, the broker has downgraded the company’s shares to a sell rating with a price target of $2.70. Its analysts fear that G8 Education could be underperforming the rest of the industry and experiencing weaker than expected occupancy levels.
The Perseus Mining Limited (ASX: PRU) share price is down 2% to 44.5 cents after the gold miner released its quarterly update. According to the release, the company produced 67,144 ounces of gold during the March quarter. This puts Perseus on target to achieve its half year production guidance of 130,000-150,000 ounces. In addition to this, the company is on track to achieve its cost guidance of US$850-US$1,000 per ounce. Some investors may have been expecting even better.
The Volpara Health Technologies Ltd (ASX: VHT) share price has dropped over 2.5% to $1.79 despite there being no news out of the healthcare technology company. However, on Monday the Volpara share price was trading within a few cents of its all-time high after an incredible gain. This could mean profit taking is weighing on its shares today.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of VOLPARA FPO NZ. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended VOLPARA FPO NZ. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.