The S&P/ASX 200 Index has continued its strong run and pushed higher again on Wednesday. In afternoon trade the benchmark index is up a further 0.9% to 6,377.8 points.
Four shares that have failed to follow the market higher on Wednesday are listed below. Here's why they have tumbled lower:
The Kogan.com Ltd (ASX: KGN) share price has dropped 3.5% lower to $5.65. Today's decline appears to be related to news that analysts at UBS have downgraded the ecommerce company to a neutral rating from buy after a strong share price rally over the last few days. Whilst the broker acknowledges that the risk is to the upside for Kogan's earnings, it believes that this has been priced in now.
The Northern Star Resources Ltd (ASX: NST) share price is down 2% to $8.30 following the release of a disappointing third quarter update from the gold miner. During the third quarter Northern Star fell short of the market's expectations due to weak production and higher costs at its Pogo operation. At one stage its shares were down as much as 6%.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price 2% to $1.61 after announcing the completion of its institutional entitlement offer. Paradigm successfully raised approximately $9.8 million. The retail component of the entitlement offer has now opened, with the company aiming to raise a further $16.5 million at $1.50 per share.
The Wagners Holding Company Ltd (ASX: WGN) share price has sunk 10.5% to $2.02 after advising that it has failed to settle its cement supply pricing dispute with Boral Limited (ASX: BLD). As a result, Wagners has now filed a Statement of Claim in the Supreme Court of Queensland against Boral seeking a determination through the Courts of the matters currently under dispute. In addition to this, Wagners has reduced its FY 2019 EBIT guidance by $10 million to account for the litigation, disruption faced by the cement business, conditions in the precast concrete market, and delays in projects starting.
