The S&P/ASX 200 index has returned to form on Tuesday and is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.45% to 6,559.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The A2 Milk Company Ltd (ASX: A2M) share price has dropped over 2.5% to $13.49. This decline could be in relation to Chinese ecommerce sales data provided by Goldman Sachs this morning. The broker advised that "baby formula started to see a slowdown on the back of declining new births last year, and we expect a further slowdown in 2H19."
The McMillan Shakespeare Limited (ASX: MMS) share price has tumbled a further 8.5% to $12.21 a day after the salary packaging company released a trading update warning of tough trading conditions. As a result, it expects full year UNPATA in the range of $87 million to $89 million, compared to the broker consensus of approximately $92 million. One broker that wasn't impressed was Macquarie. It downgraded its shares to a neutral rating and cut the price target on them to $12.62.
The Pilbara Minerals Ltd (ASX: PLS) share price has also continued its slide and is down a further 5.5% to 60 cents. On Monday the lithium miner released an update which revealed another solid month of production. However, due to weakening demand for its produce, the miner plans to reduce its production in June and July to conserve cash flow and working capital.
The Speedcast International Ltd (ASX: SDA) share price has dropped over 5% to $3.49 despite there being no news out of the provider of remote communications and IT services. One broker that believes a share price decline could be on the cards is Macquarie. In April it downgraded Speedcast's shares to an underperform rating and slashed the price target on them to $2.85.
