The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. At the time of writing, the benchmark index is up 0.95% to 7,148.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has crashed 12% to $6.14. Investors have been selling the fresh milk and infant formula company's shares after it downgraded its FY 2021 guidance for the fourth time. The company now expects revenue of NZ$1.2 billion to NZ$1.25 billion with EBITDA of NZ$132 million to NZ$150 million. The latter will be down 73% to 76% year on year. This was driven by sustained weakness in the daigou channel and a massive NZ$103 million to NZ$113 million inventory provision.
American Pacific Borates Ltd (ASX: ABR)
The American Pacific Borates share price is down 32% to $1.58. This morning the mineral exploration company announced that a decision has been made to defer construction of Phase 1A of the Fort Cady Borate Mine. Instead, the company intends to focus on a larger borate operation and production of borate specialties in combination with sales of boric acid.
Appen Ltd (ASX: APX)
The Appen share price has continued its slide and is down a further 6% to $11.56. Investors have been selling the artificial intelligence (AI) data services company's shares following the release of a presentation last week. While management spoke positively about its position in the industry, it also revealed that its customers are changing the ways in which they develop projects. The failure of management to comment on its guidance for FY 2021 also hit investor sentiment.
Incitec Pivot Ltd (ASX IPL)
The Incitec Pivot share price has sunk over 9% to $2.44. Investors have been selling the industrial chemicals company's shares following a further update on the Waggaman ammonia plant. According to the release, the plant restarted again in April as expected. However, after operating successfully at nameplate capacity for two weeks, the plant unexpectedly tripped upon the failure of a vibration probe. This was then followed by a coupling failure on the refrigeration compressor. The additional impact to FY 2021 EBIT is estimated to be between $33 million and $42 million.
