In afternoon trade the S&P/ASX 200 index in on course to snap its losing streak. At the time of writing the benchmark index is 0.45% higher to 6,671.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has fallen 4% to $37.04 after its U.S. parent released a disappointing quarterly update. Domino’s Pizza Inc. missed on both U.S. same store sales and international same store sales. Investors appear concerned that this is an indication that the locally listed Domino’s has had a soft finish to the financial year.
The Estia Health Ltd (ASX: EHE) share price has tumbled 4.5% to $2.64 after the aged care provider revealed that it has been served with a class action proceeding. According to the release, the proceeding alleges breaches of market disclosure obligations in 2015 and 2016. Estia will vigorously defend the proceeding and advised that it is not in a position to state whether the proceeding is likely to have a material impact on its financial position or performance.
The Galaxy Resources Limited (ASX: GXY) share price has tumbled 5.5% lower to $1.29. Today’s decline appears to have been caused by a broker note out of Citi. According to the note, the broker has downgraded the lithium miner’s shares to a neutral rating from buy. It also slashed the price target on its shares down to $1.60 from $2.70 following its quarterly update.
The Mineral Resources Limited (ASX: MIN) share price is down 5.5% to $14.69 amid reports that its Wodgina lithium plant has been issued an amendment notice by the Western Australian Department of Water and Environmental Regulation (DWER). Mineral Resources advised that the DWER has requested further information about the water balance at the project before it will permit further commissioning activities to commence.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019