The S&P/ASX 200 has continued its positive run and pushed higher again on Thursday. In afternoon trade the benchmark index is up 0.2% to 6,660.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Caltex Australia Limited (ASX: CTX) share price has crashed 18% lower to $22.20 after the fuel retailer warned that challenging trading conditions would lead to a sharp decline in its first half profits. Caltex expects its first half replacement cost net operating profit to come in between $120 million to $140 million, which is down materially from the $296 million achieved in the prior corresponding period.
The Qantas Airways Limited (ASX: QAN) share price is down 2.5% to $5.39. The catalyst for this appears to be changes the airline operator has made to its Frequent Flyers program. The changes aim to improve how members are recognised and rewarded as well as how they earn and redeem points. Qantas will be making a $25 million investment, which is comprised of making more seats available for frequent flyers as well as a reduction in carrier charges.
The Rio Tinto Limited (ASX: RIO) share price has dropped 4% lower to $101.42 after the mining giant downgraded its Pilbara iron ore shipments guidance. Rio Tinto made the move after revealing that it is currently experiencing mine operational challenges, particularly in the Greater Brockman hub in the Pilbara. In addition to this, iron ore giant Vale announced that its key Brucutu operation will resume production within 72 hours.
The Viva Energy Group Ltd (ASX: VEA) share price has sunk 8% to $2.06. Investors have been selling this fuel retailer's shares in response to Caltex's bitterly disappointing trading update this morning. Viva Energy supplies fuel through a national network of 1,165 retail sites predominantly under the Shell brand.
