In afternoon trade on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a high. At the time of writing the benchmark index is up almost 3% to 5,216.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Helloworld Travel Ltd (ASX: HLO) share price has crashed 10% lower to $1.24. This decline may be in response to an update by rival Flight Centre Travel Group Ltd (ASX: FLT) this morning. The travel agent giant revealed that its total global transaction value (TTV) fell in March to 20% to 30% of normal levels. This is expected to decline further in the coming weeks as travel restrictions continue.
The IDP Education Ltd (ASX: IEL) share price has dropped almost 6% to $13.02. This appears to have been driven by profit taking after a very strong gain last week. The student placement and language testing company's shares rocketed higher after it successfully completed a $225 million placement to institutional investors. These funds will be used to ensure the company is well-positioned to ride out the coronavirus storm.
The NEXTDC Ltd (ASX: NXT) share price is down almost 4% to $8.86. This decline appears to be in relation to a broker note out of Morgans this morning. According to the note, the broker has downgraded the data centre operator's shares to a hold rating with an $8.56 price target. This was made largely on valuation grounds after a strong share price run.
The Redbubble Ltd (ASX: RBL) share price has fallen 6.5% to 51.5 cents. This morning analysts at Goldman Sachs responded to its trading update by retaining its neutral rating and slashing its price target on the ecommerce company's shares by 44% to 60 cents. It notes that the Redbubble marketplace had demonstrated a significantly lower revenue growth profile over the past 12 months ahead of this weaker demand environment.
