The S&P/ASX 200 index is having a day of ups and downs and currently finds itself trading ever so slightly higher at 6,579.8 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Collection House Limited (ASX: CLH) share price has fallen 4% to $1.16 after it was the subject of a bearish broker note out of Morgans. According to the note, the broker was disappointed with its full year results and has downgraded its shares to a reduce rating and slashed the price target on them to $1.09. It noted that the company’s profit result benefited from lower amortisation and would have been down by over a third had the levels been the same as in FY 2018.
The Medibank Private Ltd (ASX: MPL) share price is down almost 2.5% to $3.53 after the ACCC announced that it has launched court proceedings against the private health insurer. The competition watchdog alleges that Medibank falsely represented to members holding ahm Lite or ahm Boost policies that they were not entitled to cover for joint investigations or reconstruction procedures, when in fact their policies covered these procedures.
The Moelis Australia Ltd (ASX: MOE) share price has dropped 3% to $3.71 after it entered into a binding buyback agreement with US-based Moelis & Company to purchase 8 million MOE shares via a selective buyback at a price of $3.40 per share. This represents approximately 5.1% of the company’s issued share capital and will be subject to shareholder approval. This will ultimately lead to Moelis Australia no longer being regarded as a foreign corporation under Australian law, which provides benefits of reduced costs, administrative burden, and improved corporate flexibility.
The Spark Infrastructure Group (ASX: SKI) share price has fallen 4% to $2.22. The catalyst for this decline has been the utility infrastructure company’s shares trading ex-dividend this morning for its 7.5 cents per share interim dividend. This dividend will now be paid to eligible shareholders on September 13.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.