The All Ordinaries index may be up around 20% in 2019, but not all shares have been able to follow it higher.
The three shares listed below have all been smashed this year. Here's why they are down in the dumps:
The Mayne Pharma Group Ltd (ASX: MYX) share price has crashed 31% lower since the start of the year. Investors have been heading to the exits after the pharmaceutical company's return to form proved to be short-lived. In May the company revealed that its key Generics Products division had been underperforming expectations once again. During the first four months of the second half the division has posted a 32% decline in revenue compared to the prior corresponding period. Management blamed the underperformance on challenging trading conditions.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has fallen 18% in 2019. The plumbing parts company's shares have come under pressure this year after it surprised the market with a downgrade to its earnings guidance. This was due to weaker than expected sales across the majority of its businesses. One cause of the weaker sales was the lack of a modest freeze event in the United States. This usually results in pipes breaking and an uptick in sales of its push-to-connect plumbing fittings.
The Speedcast International Ltd (ASX: SDA) share price is down 27% in 2019 and a sizeable 65% over the last 12 months. The majority of this decline has come today after the satellite communications company downgraded its guidance. Speedcast now expects to deliver adjusted calendar year 2019 EBITDA in the region of US$140 million to US$150 million. This compares to its previous guidance of EBITDA between $160 million and $171 million. Management blamed the downgrade on evolving market conditions. This is just the latest in a series of guidance downgrades over the last 12 to 18 months.
