The S&P/ASX 200 index is on course to start the week on a high. In afternoon trade the benchmark index is up 0.65% to 6,650 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The City Chic Collective Ltd (ASX: CCX) share price is down 3% to $2.82. This decline could be a combination of profit taking and a bearish broker note out of Citi this morning. According to that note, the broker has retained its sell rating but lifted its price target to $2.30. It is concerned the market may be too optimistic on the recent acquisition of the online assets of U.S. retailer Avenue.
The Clover Corporation Limited (ASX: CLV) share price has fallen 4.5% to $3.05. This appears to be down to profit taking after some stellar gains over the last few weeks. Prior to today, the infant formula ingredient producer's shares were up a whopping 190% since the start of the year. The catalyst for this gain was an impressive performance in FY 2019 and positive long-term outlook. This is thanks largely to the insatiable demand for infant formula in China.
The LiveTiles Ltd (ASX: LVT) share price has dropped 6% to 32 cents. The intelligent workplace software platform provider's shares have come under pressure this month following a recent $55 million capital raising and a soft quarterly update. In respect to the latter, LiveTiles posted a 7% quarter on quarter lift in ARR to $42.9 million in the first quarter. In light of this, it needs to pick up the pace to achieve its June 2021 target of $100 million.
The Newcrest Mining Limited (ASX: NCM) share price has fallen 4.5% to $33.68. Investors have been selling the gold miner's shares today after positive trade war and Brexit developments lessened demand for safe haven assets. But it isn't just Newcrest that has come under pressure today. The S&P/ASX All Ords Gold index has tumbled 4.5% lower this after as investors rotate to risk on assets.
