Positive offshore leads have managed to spur local investors into action today and this has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) rise 1.33% to 5,422 points.
Every sector is enjoying a positive day although the energy, materials and utilities sectors have been particularly strong performers today.
Despite the broader market rally, these four companies have seen their share prices tumble today:
iSentia Group Ltd (ASX: ISD)
Shares of iSentia have dropped 2.5% today as investors continue to reassess the company in light of its recent profit downgrade. The shares have now lost around 40% from their 52-week highs and more than 22% since an update was provided last week. Although iSentia is forecasting for an improved second half, I suspect investors will remain cautious until the company delivers on its latest guidance.
G8 Education Ltd (ASX: GEM)
G8 Education shares have fallen more than 2% today, despite the absence of any news from the company. The childcare provider disappointed investors in August after delivering weaker-than-expected first half results and, although the shares have recovered from their recent lows, short interest has spiked dramatically over the last month to sit at 10.5% of all issued shares. Today's move could therefore be a combination of anxious investors and additional short selling.
Pulse Health Limited (ASX: PHG)
Shares of Pulse Health have suffered their second consecutive day of heavy falls after the company agreed to extend the due diligence period for its proposed takeover from Healthe Care Australia Pty Ltd. Investors are clearly getting nervous that the proposed 47 cent per share takeover might be hitting a speed-hump and this has seen the shares fall around 9.1% to 39.5 cents over the past two days. Nevertheless, the shares are still trading at a 20% premium to their pre-offer trading price.
Platinum Asset Management Limited (ASX: PTM)
After being one of the best performers yesterday, shares of Platinum have dropped nearly 2% today. It comes after the international fund manager provided a less-than-inspiring outlook at its AGM last week that suggested earnings this year could be materially lower should its funds under management continue to trend lower. Platinum has also been in a battle with short sellers over the past six months and this has seen short positions quadruple to nearly 4% since May.
