The S&P/ASX 200 index has been unable to build on yesterday’s strong gain and is trading mostly flat at 6,473.8 points in afternoon trade.
Four shares that have not fared as well as most today are listed below. Here’s why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has dropped 4.5% lower to $24.78. A number of tech shares have fallen heavily today following weakness in the U.S. tech sector overnight. In addition to this, this morning rival Zip Co Ltd (ASX: Z1P) announced that it has signed an agreement to provide its buy now, pay later platform to online customers of Wesfarmers Ltd (ASX: WES) subsidiary Kmart. Afterpay signed an agreement of its own with Kmart late last year.
The Computershare Limited (ASX: CPU) share price has fallen a sizeable 8% to $16.59 following the release of its investor day presentation. Although the presentation revealed that Computershare has reaffirmed its management earnings per share growth guidance of 12.5% in FY 2019, it appears as though some investors were expecting even better from the administration services company.
The iSignthis Ltd (ASX: ISX) share price has tumbled 6% lower to 53.5 cents despite there being no news out of the neobank. However, prior to today the iSignthis share price had rallied an incredible 280% higher since the start of the year. I suspect that some investors may be taking a bit of profit off the table today.
The Technology One Limited (ASX: TNE) share price has tumbled over 12% lower to $7.94 following the release of the software company’s half year results this morning. Although Technology One delivered an impressive 130% increase in half year profit before tax, investors appear to have been surprised by its full year guidance. Despite the strong first half, management expects full year profit before tax growth of just 7.7% to 14.7% in FY 2019.
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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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Computershare. 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.