In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post a strong gain. At the time of writing the benchmark index is up 0.7% to 6,296.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Challenger Ltd (ASX: CGF) share price is down almost 8% to $11.48 after the annuities company's full-year results fell short of expectations. The Bloomberg consensus estimate was for normalised profit after tax of $424 million, but Challenger achieved $406 million, which was up just 6% compared to last year. While I like Challenger, I don't see a lot of value in its shares at this level.
The Cochlear Limited (ASX: COH) share price has tumbled 5.5% to $187.90 following the release of the hearing solutions company's full-year results. Cochlear posted a net profit after tax of $245.8 million on sales revenue of $1,351 million. This was an increase of 10% and 9%, respectively, on the prior corresponding period, but just short of the Bloomberg consensus estimate of $246.9 million for net profit after tax. I think the share price decline could be a buying opportunity for patient investors willing to hold on for the long-term.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is down 8% to $48.37 after the pizza chain operator's full-year profit fell short of its guidance for a second year in a row. Domino's reported a record full year net profit after tax of $136 million today, 15% higher than last year but short of its 20% growth guidance. Management provided earnings before interest and tax guidance of $227 million to $247 million in FY 2019, an increase of between 22.8% and 33.6%.
The iSelect Ltd (ASX: ISU) share price is down 2.5% to 80 cents. At one stage the price comparison company's shares were down as much as 15% before rebounding strongly. I suspect that the initial reaction was due to the company's results revealing that profits fell 62% year-on-year. However, some investors appear to have looked beyond this because FY 2019 has started positively.
