In afternoon trade the S&P/ASX 200 index has fought back from its late morning decline and is back into positive territory. At the time of writing the benchmark index is up almost 0.1% to 6,657 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has dropped 3.5% to $38.93. Today’s decline appears to have been caused by a broker note out of Morgans this morning. Although the broker held firm with its hold rating, it slashed the price target on the pizza chain operator’s shares to $44.89. Morgans believes there is a risk that the company will fall short of its guidance in FY 2019.
The Integrated Research Limited (ASX: IRI) share price has continued its slide and is down a further 4.5% to $2.78. The leading global provider of proactive performance management software for critical IT infrastructure, payments and communications ecosystems has come under pressure this week following the release of its full year profit guidance. Although it expects to deliver record revenue and profits, its guidance implies a slowdown in its profit growth in the second half.
The NIB Holdings Limited (ASX: NHF) share price has tumbled over 3.5% to $7.66 after being downgraded by two leading brokers this morning. Analysts at both Goldman Sachs and Citi have downgraded the private health insurer’s shares to a sell rating. These downgrades have been made largely on valuation grounds after a stellar share price rally in 2019.
The Perpetual Limited (ASX: PPT) share price has dropped 6% to $39.31 a day after the release of its latest FUM update. One broker that wasn’t overly impressed with what it saw was Citi. This morning it retained its neutral rating but cut the price target on its shares to $39.50 following adjustments to its earnings forecasts.
Forget what just happened. We think this stock could be Australia's next MONSTER IPO...
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting...
Because 'Doc' Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget 'buy now pay later', this stock could be the next hot stock on the ASX.
Returns as of 6th October 2020
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 Integrated Research Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and NIB Holdings Limited. 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.
- Zip (ASX:Z1P) share price climbs higher following AGM update – November 30, 2020 10:14am
- Telix (ASX:TLX) share price storms 8% higher to record high on acquisition news – November 30, 2020 10:12am
- Treasury Wine (ASX:TWE) share price sinks 12% after responding to China export tariff – November 30, 2020 10:10am