The S&P/ASX 200 index has given back the majority of its morning gains but is just about keeping its head above water. At the time of writing the benchmark index is up a few points to 6,743.5 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why these shares are tumbling lower:
The Bega Cheese Ltd (ASX: BGA) share price has crashed 12% lower to $3.98. Investors have been hitting the sell button following the release of a market update ahead of its annual general meeting. According to the update, the food company has continued to experience unprecedented competitive milk supply conditions and easing demand from third party branded businesses. As a result, it expects its normalised EBITDA to be in the range of $95 million to $105 million in FY 2020. This will be a decline of 8.7% to 17.5% year on year.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has dropped 3% to $49.31. The pizza chain operator’s shares have come under pressure following the release of a broker note out of UBS. According to the note, the broker has downgraded its shares from a buy rating to neutral following its AGM update. Its analysts note that Domino’s network sales were in line with expectations but were disappointed with its new store growth. UBS has a price target of $50.80.
The Midway Ltd (ASX: MWY) share price has been crushed and is down 21% to $1.84. Investors have been heading to the exits in their droves after the wood fibre exporter issued a profit warning. According to the release, first half wood fibre export shipments are down significantly. As a result, first half EBITDA is expected to be down 50%. Furthermore, it warned there are downside risks to volume and pricing in the second half. In light of this, it expects full year EBITDA to be materially lower than consensus forecasts for FY 2020.
The Virtus Health Ltd (ASX: VRT) share price has fallen almost 4.5% to $4.16. Investors have been selling the fertility treatment company’s shares after it announced that its CEO, Sue Channon, will be stepping down from the role. Channon, who will remain in the role until February, has been in the top job for seven years.