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It has been a very volatile day of trade for the S&P/ASX 200 Index (ASX: XJO). After a number of ups and downs, in early afternoon trade the benchmark index is up slightly to 5,945.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Altium Limited (ASX: ALU) share price is down almost 3% to $32.71. Investors have been selling this electronic design software company's shares this week after it warned that it is likely to fall short of consensus estimates in FY 2020. The latter part of the financial year, which is historically a strong period for sales, has been impacted by a second wave of coronavirus. In addition to this, Ord Minnett downgraded Altium's shares to a lighten rating this morning.
The Austal Limited (ASX: ASB) share price is down 4.5% to $3.51. This morning analysts at Ord Minnett retained their lighten rating but lifted their price target on this shipbuilder's shares to $2.75. Although it sees the U.S. government's investment in its U.S. operations as a positive, it doesn't appear to see it as a game changer.
The Challenger Ltd (ASX: CGF) share price has tumbled 8% lower to $4.89. This morning the annuities company's shares returned from a trading halt after the successful completion of its $270 million institutional placement. These funds were raised at $4.89 per new share, which represents an 8.1% discount to its last close price of $5.32. Challenger also announced that it has no plans to pay a final dividend in FY 2020.
The Mesoblast limited (ASX: MSB) share price is down 6.5% to $3.46. This is despite there being no news out of the biotech company. However, its shares have been very strong performers over the last three months. Since this time in March the Mesoblast share price has risen over 200%. This could have led to a spot of profit taking from investors today.
