In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) remains on course to end the week on a high. At the time of writing the benchmark index is up 0.6% to 5,249.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Challenger Ltd (ASX: CGF) share price is down 3.5% to $4.13. Investors have been selling the annuities company's shares this week after the release of its third quarter update. In addition to this, analysts at Citi downgraded its shares to a neutral rating from buy. The broker is concerned that there is a high risk of defaults on some of its investment portfolio.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price has fallen over 4% to $47.53. This morning Domino's provided an update on how its operations were being impacted by the coronavirus pandemic. Domino's revealed that the performance of its stores that remain open have been solid during the pandemic. However, it acknowledged that new consumer behaviour is affecting individual stores in each market unevenly.
The Goodman Group (ASX: GMG) share price is down 1% to $12.73. This decline may be down to a broker note out of Goldman Sachs this week. It retained its sell rating and cut the price target on the property company's shares to $11.02. The broker has concerns over minor cap rate shifts, which it feels have the potential to drive material earnings changes due to its high leverage.
The Infomedia Limited (ASX: IFM) share price has returned from a trading halt and dropped over 9% to $1.54. This automotive software company's shares were halted from trade while it undertook an institutional placement. This morning it revealed that it has successfully completed its placement and raised $70 million at a discount of $1.50 per new share. These funds will be used to pursue its growth ambition to be the leading global software provider in the automotive aftersales market.
