The S&P/ASX Small Ordinaries (Index: ^AXSO) (ASX: XSO) climbed 1% today, while the top 200 stocks only managed to eke out a 0.2% gain.
As you probably know, not all stocks move in the same direction as the index each day, and these four got left behind…
Sky Network Television Ltd (ASX: SKT) saw its share price plummet 11.6% to $4.34 after the company downgraded its profit forecast. New Zealand's dominant pay-TV operator may be feeling the effects of competition with streaming video on demand (SVOD) giant Netflix and others. Sky downgraded net profit expectations for the 2016 financial year – lower than achieved in 2015, despite a slight bump up in revenues. This could be the beginning of a major slump for Sky unless it can find more ways of fighting back.
Ziptel Ltd's (ASX: ZIP) share price sank 6.6% to $1.205, but shares are still up a whopping 346% so far this year and 447% since October last year. The company has developed a communications app that allows users on 2G networks (low speed) to still communicate with others at decent speeds for free. Most of the competing apps require higher spec mobile networks to function properly – leaving Ziptel with a niche to fill.
A2 MILK FPO NZ (ASX: A2M) saw its share price fall 6.2% to $0.685. Substantial shareholder Freedom Foods Group Ltd (ASX: FNP) today announced that it had sold more than 42 million shares in A2 Milk at a price of NZ0.73 per share – hence the reason for the share price fall. Freedom still retains more than 75 million shares in A2 Milk and says it intends to maintain a strategic stake.
ARB Corporation Limited's (ASX: ARB) share price fell 3.9% to $13.01 despite the bull bar and 4WD accessories manufacturer, distributor and retailer not releasing any market sensitive information today. ARB's share price reached a low of $10.49 back in December 2014, before recovering to hit $14.49 in May this year. Put today's price moves down to normal market movements.
