Why Myer, Resolute, SKY, & Whispir shares are tumbling lower today

Myer Holdings Ltd (ASX:MYR) and Whispir Ltd (ASX:WSP) shares are two of four tumbling notably lower on Thursday. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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 In light of this planned strike, the company has withdrawn its production and costs guidance for FY 2020.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.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Whispir Ltd. The Motley Fool Australia has recommended Whispir Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Australian Finance Group, Chalice, DroneShield, and ResMed are sinking today

These ASX shares are having a tough time on Thursday. But why?

Read more »

A young man goes over his finances and investment portfolio at home.
Growth Shares

1 ASX growth stock down 30% to buy right now

The market has reacted badly to this ASX 200 company's half-year result. This could be your chance to get in.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Flight Centre, Fortescue, Kelsian, and Neuren shares are dropping today

These ASX shares are being hit hard on Wednesday. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brainchip, DGL, Weebit Nano, and Zip shares are dropping today

These ASX shares are being hit hard on Tuesday. But why?

Read more »

A man and a woman sit in front of a laptop looking fascinated and captivated.
Share Fallers

This ASX All Ords stock's founders just sold 40 million shares, and the stock dove 14%

This All Ords share's founders just cashed out $30 million.

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Nanosonics, NIB, Santos, and TPG shares are falling today

These ASX shares are starting the week in the red.

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Accent, Austal, Newmont, and Sandfire shares are plunging today

These ASX shares are ending the week in the red. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today

These ASX shares are out of favour with investors on Thursday. But why?

Read more »