The S&P/ASX 200 index is on course to finish the day notably higher thanks to gains in the banking sector. In afternoon trade the benchmark index is 0.8% higher at 6,375.5 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The A2 Milk Company Ltd (ASX: A2M) share price has dropped 4% to $15.35 following the release of a trading update this morning. Although the fresh milk and infant formula company reported further strong growth and market share gains in the third quarter, it held firm with its full year guidance. I suspect that some investors had been expecting an upgrade from the fast-growing company.
The Bank of Queensland Limited (ASX: BOQ) share price has tumbled 4% lower to $8.91. Today’s decline is attributable to the company’s shares trading ex-dividend this morning for its interim dividend. Eligible Bank of Queensland shareholders can now look forward to being paid its 34 cents per share fully franked interim dividend in three weeks on May 22. Alternatively, they can take advantage of the company’s dividend reinvestment plan which offers a 1.5% discount.
The Super Retail Group Ltd (ASX: SUL) share price has sunk 7% lower to $8.04 after being downgraded by a leading broker. According to a note out of UBS, its analysts downgraded Super Retail’s shares to a neutral rating from buy and trimmed the price target on them to $8.50. The broker felt its trading update was mixed and appears concerned by margin pressures.
The Volpara Health Technologies Ltd (ASX: VHT) share price has dropped 6.5% lower to $1.73 after analysts at Ord Minnett downgraded the healthcare technology company’s shares to a lighten rating from buy. According to the note, the broker believes the market has got ahead of itself and believes earnings forecasts may need to be reduced. Ord Minnett has a $1.54 price target on Volpara’s shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk, Super Retail and Volpara. 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.