The S&P/ASX 200 index is on course to follow the lead of U.S. markets and bounce back from yesterday's disappointing decline. In afternoon trade the benchmark index is up 0.5% to 6,472 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have crashed lower:
The G8 Education Ltd (ASX: GEM) share price has continued its slide and is down a further 5% to $2.18. Investors have been selling the childcare centre operator's shares following the release of a soft half year result. G8 Education posted a 20% decline in net profit after tax to $19 million and revealed an occupancy rate of just 71.3% despite recent government subsidies aiming to increase demand.
The Inghams Group Ltd (ASX: ING) share price has crashed 16.5% lower to $3.37 following the release of its full year results. Although the poultry producer reported a 10.1% increase in NPAT to $126.2 million, investors appear to have been spooked by its outlook. Due to higher input costs and the higher costs of its Further Processing project, FY 2020 EBITDA is expected to be lower than FY 2019's underlying EBITDA.
The Northern Star Resources Ltd (ASX: NST) share price is down 8% to $11.41. This morning the gold producer released its full year results and revealed a sharp drop in profits despite the strong rise in the gold price. In addition to this, the company announced its intention to acquire Echo Resources Limited (ASX: EAR). It has tabled a 33 cents per share offer, which values the gold miner at ~$240 million.
The Speedcast International Ltd (ASX: SDA) share price has sunk 25% lower to $1.26 following the release of a disappointing half year result. In the first half of FY 2019 Speedcast reported a 17.3% increase in revenue to $357.6 million. But on the bottom line it posted a statutory loss after tax of $175.5 million. This was driven largely by a $154.8 million negative impact from the impairment of goodwill relating to the performance of its Non-Government operating segment.
