In afternoon trade the S&P/ASX 200 index is on course to record a strong gain. At the time of writing the benchmark index is up 0.5% to 6,830.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Bingo Industries Ltd (ASX: BIN) share price has fallen over 3% to $2.61 after analysts at Goldman Sachs downgraded the waste management company. According to the note, the broker has taken its shares off its conviction buy list and downgraded them to a neutral rating on valuation grounds after a strong share price rally over the last few months.
The Credit Corp Group Limited (ASX: CCP) share price has dropped 6% to $24.88 following the release of the debt collector and receivables company's full year results. Those results appeared to fall well short of expectations and led to many investors hitting the sell button today. Credit Corp posted a 9% increase in net profit after tax (NPAT) to $70.3 million in FY 2019 and provided guidance for NPAT of $75 million to $77 million in FY 2020.
The GUD Holdings Limited (ASX: GUD) share price is down 4% to $9.67 after brokers gave their verdict on the products company's full year results. One broker that was disappointed with its result was UBS. According to a note, the broker downgraded its shares to a sell rating from buy and slashed the price target on them from $12.30 to $9.50. It believes that earnings growth could be challenging in FY 2020.
The Lynas Corporation Ltd (ASX: LYC) share price has dropped 2% to $2.60 following the release of its quarterly update. The rare earths producer reported quarterly NdPr production of ~1,500 tonnes in the June quarter and recorded sales revenue $87.5 million despite lower prices and its strategy to limit NdPr sales to its strategic business partners. Some investors appear to have been expecting a little more from the company.
