In afternoon trade the S&P/ASX 200 index is pushing higher again. At the time of writing the benchmark index is up 0.55% to 7,183.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Bingo Industries Ltd (ASX: BIN) share price has fallen 5.5% to $3.02. This is quite a turnaround for the waste management company's shares. They were up 8% to a 52-week high in morning trade before tumbling lower. This morning the company released a strong half year result, but warned that its margins would moderate in the second half.
The Codan Limited (ASX: CDA) share price is down over 5% to $8.03. This follows the release of the electronic products company's half year results. Codan reported a record half year net profit after tax of $30.4 million. This was up 37% on the prior corresponding period and driven by record first half results from the Codan Communications and Minelab businesses. However, management warned that the Communications business may not repeat its strong first half performance in the second half.
The Iress Ltd (ASX: IRE) share price has dropped over 8% to $12.48. This morning the fintech company released its full year results and revealed a 10% increase in group segment profit to $152.1 million. This was at the top end of its guidance range. Whilst this was positive, its outlook for FY 2020 was less so. Iress expects FY 2020 segment profit growth to slow to between 3% and 8% on a constant currency basis. It also warned that its growth would be skewed to the second half.
The WiseTech Global Ltd (ASX: WTC) share price has continued its slide and is down a further 13% to $18.60. The logistics solutions company's shares have been sold off this week after it downgraded its earnings guidance for FY 2020. This was due to the negative impact of the coronavirus on demand for its CargoWise platform.
