It was a great start to the week for the S&P/ASX 200 Index (ASX: XJO) on Monday. The benchmark index was back in form and rose 0.4% to 5,951.3 points.
Four shares that failed to follow the market higher today are listed below. Here's why they tumbled lower:
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5G Networks Ltd (ASX: 5GN)
The 5G Networks share price dropped 4.5% to $1.58 following the release of its first quarter update. According to the release, the telecommunications company delivered strong cash receipts of $14.3 million, which was an increase of 14% on previous quarter. Offsetting this was news that Keybridge Capital has applied to the Takeovers Panel seeking a review of its acquisition of Webcentral Group Limited (ASX: WCG).
Cedar Woods Properties Limited (ASX: CWP)
The Cedar Woods Properties share price fell 2.5% to $5.59. This afternoon the property company released its first quarter operational update. That update revealed that pre-sales are at $454 million in FY 2021. This is up 11% on the $409 million reported at the same time last year. Management advised that approximately 60% of pre-sales are expected to settle in FY 2021, with the balance contributing to earnings in FY 2022 and FY 2023.
SEEK Limited (ASX: SEK)
The SEEK share price slid 1% to $21.33 after responding to a short seller attack. SEEK advised that its Zhaopin business strives to be an industry leader in dealing with fake ads and candidate CVs, which do occur on all job listings websites globally. It feels the allegations are greatly exaggerated and misleading. It also defended its cash flows and pointed out that it has a long track record of generating strong operating cash flows.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price dropped 3% to $3.58. This is despite the release of a trading update this morning which revealed transaction value of $1.911 billion in October. This was up 9% on the prior corresponding period. I suspect this was offset by general weakness in the tech sector following a selloff on the Nasdaq on Friday night.
