In afternoon trade on Tuesday the S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher. At the time of writing the benchmark index is up 0.6% to 6,729.2 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Computershare Limited (ASX: CPU) share price is down 3.5% to $15.98. This morning the share registry company announced that its CFO, Mark Davis, intends to step down from his position during the coming year after almost seven years in the role. The company also reaffirmed its earnings guidance. Management EPS for FY 2019 in constant currency is expected to increase by around 12.5% on FY 2018’s result.
The Domain Holdings Australia Ltd (ASX: DHG) share price has dropped 6.5% to $2.86. Investors have been hitting the sell button today after analysts at UBS downgraded its shares to a sell rating with a $2.75 price target. Whilst the broker made the move largely on valuation grounds after a strong share price rally, it notes that listings remain weak and expects Domain to report a decline in revenue in the first half of FY 2020.
The FlexiGroup Limited (ASX: FXL) share price has fallen 4% to $1.76. This decline appears to be a case of profit-taking after a solid rise in its share price on Monday following the release of an update on its buy now pay later platform, humm. According to the release, the company has added a total of 2,000 new seller locations since May, bringing the total to 15,000 partners.
The Liquefied Natural Gas Ltd (ASX: LNG) share price crashed 10% lower to 26.5 cents. As with FlexiGroup, this decline appears to be a case of profit-taking following a big share price rise on Monday. The liquefied natural gas provider’s shares rocketed 25% higher after announcing plans to delist from the ASX and list on the U.S. Nasdaq index. Managing Director and CEO, Greg Vesey, advised that the company expects that a re-domicile transaction could be completed in late 2019 or early 2020.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Computershare and FlexiGroup 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.
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