In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher. At the time of writing the benchmark index is up 0.3% to 6,671.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Cann Group Ltd (ASX: CAN) share price has fallen 7.5% to $1.21. At one stage today the cannabis company's shares dropped to a 52-week low of $1.19. Investors have been heading to the exits after an underwhelming first quarter update on Monday. During the quarter Cann reported cash receipts of $1.66 million, but cash outflows from operating activities of $3.55 million.
The Cochlear Limited (ASX: COH) share price has dropped 5% to $203.20. Investors have been selling the hearing solutions company's shares following its AGM update. According to the update, management continues to expect Cochlear to deliver a reported net profit of $290 million to $300 million this year. This will be a 9% to 13% increase on the underlying net profit achieved in FY 2019. I suspect that some investors were betting on a guidance upgrade today. In addition to this, management reminded shareholders about its patent dispute.
The Megaport Ltd (ASX: MP1) share price is down 4.5% to $9.79. This morning Megaport released its first quarter update and reported Monthly Recurring Revenue of $4.1 million. This was a 13% quarter on quarter increase and a 71% increase over the prior corresponding period. Its growth was driven by the continued expansion of its network footprint to new markets and the deepening of its reach within existing metros. During the quarter Megaport reached a milestone of 304 installed locations and 535 enabled locations globally.
The Super Retail Group Ltd ASX: SUL) share price has tumbled 7.5% to $8.85. This morning the retailer released a trading update for the first 16 weeks of FY 2020. Although management reported solid like for like sales growth across three of its four brands, investors appear to have been spooked by its comments around margins. Management revealed that its sales growth was assisted by discounting in a tough retail market.
