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Why Cann, Pro Medicus, Technology One, & WiseTech are tumbling lower

In afternoon trade the S&P/ASX 200 index is fighting hard and pushing higher. At the time of writing the benchmark index is up 0.2% to 6,781 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

The Cann Group Ltd (ASX: CAN) share price has continued its slide and is down a further 6% to 82.5 cents. A sell off of North American cannabis shares is weighing on Cann and its local peers on Tuesday. This has been driven by softer than expected demand for cannabis products in North American which led to a series of disappointing quarterly updates.  

The Pro Medicus Limited (ASX: PME) share price is down 5% to $24.69 following its annual general meeting update. That presentation provided a detailed breakdown of its performance in FY 2019 and its new products. However, investors may be disappointed that the health imaging IT provider didn’t provide a trading update or any guidance at the event.

The Technology One Limited (ASX: TNE) share price is dropped 5.5% to $7.77 following the release of its full year result. For the 12 months ended September 30, Technology One delivered revenue of 13% to $286 million. On the bottom line, net profit before tax jumped 50% to $76.4 million. This was at the top end of its guidance range. Looking ahead, management aims to grow its total annual recurring revenue from $202 million to over $500 million by FY 2024. One weak spot was its cash flows which fell notably year on year.

The WiseTech Global Ltd (ASX: WTC) share price has crashed 10% lower to $25.92 on the day of its annual general meeting. At the event the logistics solutions company reiterated its revenue and earnings guidance for FY 2020. However, a tweetstorm by short seller J Capital has weighed on its shares today. This was a stark reminder that the short seller attack is far from over.

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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 and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Pro Medicus 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.

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