In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing the benchmark index is up 0.5% to 5,910 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
The Myer Holdings Ltd (ASX: MYR) share price has crashed 15.5% lower to 21.5 cents following the release of its full year results. For the 12 months ended 25 July, the department store operator reported a 15.8% decline in sales to $2,519 million. Things were much worse for its earnings, with earnings before interest, tax, depreciation and amortisation (EBITDA) falling 41.6% to $305.3 million.
The Resolute Mining Limited (ASX: RSG) share price is down 7% to 98.5 cents. Investors have been selling the gold miner’s shares after it revealed that workers at its Syama operation in Mali have threatened to strike. In light of this planned strike, the company has withdrawn its production and costs guidance for FY 2020.
The SKY Network Television Limited (ASX: SKT) share price has sunk 13% lower to 13.5 cents. This follows the release of its full year results this morning. For the 12 months ended 30 June, Sky reported a 6% decline in revenue to NZ$747.6 million and a loss after tax of NZ$156.8 million. This loss includes a non-cash impairment of goodwill of NZ$177.5 million. Operating profit before the impairment came in at NZ$44.9 million.
The Whispir Ltd (ASX: WSP) share price is down 9% to $3.86. The cloud-based communication platform provider’s shares have come under pressure on Thursday after some of its major shareholders sold down their holdings. A total of 20,320,950 shares were sold to new and existing domestic and international investors at a price of $3.81 per share after the market close yesterday. This was a 10% discount to its last close price.