In afternoon trade the S&P/ASX 200 index is on course to bounce back from yesterday's selloff and record a solid gain. At the time of writing the benchmark index is up 0.4% to 6,949.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The ARB Corporation Limited (ASX: ARB) share price is down 2.5% to $18.06. This follows the release of its expectations for the first half of FY 2020. The four-wheel drive vehicle accessories company expects a 7.1% increase in total revenue to $234 million for the first half. However, ARB's half year net profit will be lower than the prior corresponding period. Based on its unaudited accounts, it expects to post a 7.4% decline in net profit after tax during the first half. This reflects the significant strengthening of the Thai baht since this time last year.
The Onevue Holdings Ltd (ASX: OVH) share price is down a further 11.5% to 30.5 cents. The fintech company's shares have been sold off this week following an update on its $31 million Sargon Capital receivable. This morning OneVue advised that voluntary administrators were appointed late yesterday afternoon to a number of the subsidiaries of Sargon Capital. Investors appear concerned that OneVue may never see the $31 million owed to it.
The Origin Energy Ltd (ASX: ORG) share price has fallen 3% to $7.69. Investors have been selling energy shares on Tuesday after oil prices collapsed overnight. The price of WTI and Brent crude oil fell heavily amid concerns that the coronavirus outbreak was going to have a significantly negative impact on demand.
The Paragon Care Ltd (ASX: PGC) share price has dropped a further 6% to 32 cents. Investors have been selling the healthcare products distributor's shares after the release of another disappointing update from the perennial underperformer. Paragon Care reported normalised half year EBITDA of approximately $12 million. This represents an EBITDA margin of 10%, which is well short of its target of 13% to 14%. The company also revealed that it is still struggling with its invoicing and debtors' collection following the poor implementation of its new enterprise resource planning (ERP) system.
