In afternoon trade the S&P/ASX 200 index has recovered from a soft start and is charging higher. At the time of writing the benchmark index is up 0.25% to 6,731.9 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have started the week in the red:
The Amaysim Australia Ltd (ASX: AYS) share price has crashed 14% lower to 30 cents despite there being no news out of the telco challenger. The decline was so severe that it even prompted an ASX Price Query. According to Amaysim’s response, it suggested that the negative reaction to its guidance for FY 2020 and the selling of shares by its second largest shareholder could be to blame.
The Appen Ltd (ASX: APX) share price is down almost 2.5% to $21.23. A number of Australia’s leading tech shares have come under pressure today after their US counterparts tumbled lower on Friday. The catalyst for this was news that the United States is considering banning investments in China and blocking the listing of Chinese companies on US stock exchanges.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has continued its slide and is down a further 4% to $23.86. The skin disorder-focused biopharmaceutical company’s shares have come under pressure this month despite there being no news out of it. This latest decline means that the company’s shares are now down by over 40% since they peaked at $39.85 in June.
The Webjet Limited (ASX: WEB) share price has continued its slump and is down a further 4% to $10.95. The catalyst for this latest decline was a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the online travel agent’s shares from an outperform rating to neutral and slashed the price target on them by a sizeable 21% to $11.00. The broker made the move after cutting its forecasts amid concerns over its B2B business.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Webjet Ltd. 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.