In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from its morning declines and is marginally higher at 6,280.6 points.
Four shares that have acted as a drag on proceedings today are listed below. Here's why they have sunk lower:
The Bubs Australia Ltd (ASX: BUB) share price is down 2% to 71 cents a day after the release of its quarterly results. Although investors reacted positively to the release initially, its shares ultimately gave back those gains. I suspect that its accelerating cash burn may have some investors concerned. Bubs advised that it expects cash outflows of $14.4 million in the next quarter, notably higher than the most recent quarter.
The Janus Henderson Group PLC (ASX: JHG) share price is down 7% to $40.55 after announcing its second-quarter results and the appointment of a new CEO. Janus Henderson experienced net outflows of US$2.7 billion during the period, leaving it with assets under management of US$370.1 billion. Shareholders will be hoping for a better performance in the third quarter under the leadership of new CEO Dick Weil.
The Praemium Ltd (ASX: PPS) share price is down over 4% to 78.5 cents. Concerns over increasing promotional activities and price cuts in the investment platform industry have weighed heavily on the shares of Praemium and its peers over the last couple of weeks. While I think its shares have fallen to an attractive level now despite the price war, it might be best to wait and see what management says in its outlook later this month.
The Pushpay Holdings Ltd (ASX: PPH) share price has tumbled 7% lower to $3.51 after announcing its first quarter results. The payment solutions company delivered on its revenue guidance of between US$20.5 million and US$22.0 million for the quarter. Total revenue increased 52.6% from US$14 million in the previous corresponding period to US$21.4 million. It appears that investors were expecting Pushpay to outperform its guidance.
