The S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. In afternoon trade, the benchmark index is up 0.7% to 7,070.4 points.
Four ASX shares that have failed to following the market higher today are listed below. Here’s why they are tumbling lower:
ELMO Software Ltd (ASX: ELO)
The ELMO Software share price is down 3.5% to $4.74. Investors have been selling the HR and payroll platform provider’s shares after it narrowed its FY 2021 guidance range. It now expects annualised recurring revenue (ARR) to be between $83 million and $85 million. This compares to its previous guidance of $81.5 million to $88.5 million. Some investors appear to have been betting on the company achieving the high end of its previous range.
James Hardie Industries plc (ASX: JHX)
The James Hardie Industries share price is down 4% to $40.44. This follows the release of the building materials company’s fourth quarter results. James Hardie reported a 20% increase in sales to US$807 million and a 44% jump in adjusted net income to US$124.9 million for the quarter. This led to its full year sales increasing 12% to US$2,908.7 million and adjusted net income rising 30% to US$458 million. As strong as this was, it appears as though some investors were expecting better.
Redbubble Ltd (ASX: RBL)
The Redbubble share price is down over 6% to $3.36. This is despite there being no news out of the ecommerce company today. This latest decline means that the Redbubble share price is now down 54% from its 52-week high. Weakness in the tech sector and concerns over its valuation have been weighing on its shares.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down over 8% to $1.88. Investors have been selling the gold miner’s shares after it downgraded its production guidance and increased its cost guidance. Due to issues at its Leonara and Simberi operations, the company expects to be between 330,000 and 360,000 ounces in FY 2021. This compares to its previous guidance of 370,000 to 380,000 ounces. As for costs, the miner’s all-in sustaining costs (AISC) is now expected to be A$1,547 to A$1,695 per ounce, up from between A$1,440 and A$1,520 per ounce.