The Motley Fool

Why Cann, Cochlear, Megaport, & Super Retail shares tumbled lower today

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.

Top 3 Dividend Shares To Buy For 2020

When Edward Vesely -- our resident dividend expert -- has a stock tip, it can pay to listen. With huge winners like Dicker Data (up 147%) and Collins Food (up 105%) under his belt, Edward is building an enviable following amongst investors that are planning for retirement.

In a brand new report, Edward has just revealed what he believes are the 3 best dividend stocks for income-hungry investors to buy now. All 3 stocks are paying growing fully franked dividends giving you the opportunity to combine capital appreciation with attractive dividend yields.

Best of all, Edward’s “Top 3 Dividend Shares To Buy For 2020” report is totally free to all Motley Fool readers.

Click here now to access this free report.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and MEGAPORT FPO. The Motley Fool Australia owns shares of Super Retail Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. and MEGAPORT FPO. 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.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!