The S&P/ASX 200 index has started the week strongly and is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.4% to 6,693.6 points.
Four shares that have failed to follow the market higher on Monday are listed below. Here's why they have tumbled lower:
The Collins Foods Ltd (ASX: CKF) share price is down over 2.5% to $9.91 despite there being no news out of the quick service restaurant operator. However, prior to today its shares were up 69% since the start of the year. This may have led to some investors taking a bit of profit off the table on Monday.
The National Australia Bank Ltd (ASX: NAB) share price has come under pressure and is down 3% to $27.53. Investors have been selling its shares following the release of the Westpac Banking Corp (ASX: WBC) full year result. This morning Westpac released its result and announced a dividend cut and $2.5 billion capital raising. These funds will be used to strengthen its balance sheet and improve its CET1 ratio. I suspect that some investors may believe NAB will need to do the same to improve its own capital ratio.
The Pivotal Systems Corp Inc (ASX: PVS) share price has tumbled 8% lower to $1.26. The gas flow monitoring and control technology platform provider's shares have fallen heavily since the release of its quarterly update last week. Investors appear to have been left underwhelmed by its revenue of just $900k during the third quarter.
The Redbubble Ltd (ASX: RBL) share price has fallen almost 3% to $1.88. Today's decline appears to have been triggered by news that its former chief executive, Martin Hosking, has been selling shares. Mr Hosking offloaded 6 million shares last week for a total consideration of $11.58 million. Though, it is worth noting that he still owns approximately 19.6% of the company.
