The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has today managed to recoup some of yesterday's disappointing fall with a rise of 0.35% to 5,630 points.
The healthcare and materials sectors are enjoying a particularly positive day, although the same can't be said for the utilities and information technology sectors.
Four shares that have well-and-truly underperformed the market today include:
Redbubble Ltd (ASX: RBL)
Shares of Redbubble have crashed more than 6% today after the online marketplace for artists released a disappointing market update late yesterday afternoon. A number of issues have impacted the company during the first half of FY17 and this is going to result in a first half EBITDA loss of $1.1 million, compared to a $0.5 million profit expected from the IPO forecast. Shares of Redbubble have now declined 33% from their May 2016 IPO price of $1.33.
Mcgrath Ltd (ASX: MEA)
McGrath shares are suffering their second consecutive day of heavy falls after the real estate agent delivered another disappointing market update yesterday. Not only is the company facing historically low listing volumes on the east coast, but the real estate agent is also being hurt by an exodus of top brokers from its offices. The shares have fallen around 5% to 77 cents today – a far cry from its 2015 IPO listing price of $2.10.
Bellamy's Australia Ltd (ASX: BAL)
Shares of Bellamy's have fallen another 1.7% today after the company announced that its former CEO, Laura McBain, has resigned as a director, effective immediately. It comes one day after IMF Bentham Ltd (ASX: IMF) announced it would fund a potential class action against the baby formula maker for breaching its continues disclosure obligations. Maurice Blackburn also confirmed late yesterday that it had secured funding from ICP for its own class action against Bellamy's.
Atlas Iron Limited (ASX: AGO)
Shares of Atlas Iron have plunged 8.3% today after the miner's December quarterly activities report revealed a 10% rise in full cash costs compared to the last quarter. Despite this, the junior miner did benefit from the rise in iron ore prices over the quarter and generated net operating cashflow of $56 million. Atlas Iron now expects to be in a net cash position by the middle of this year if operating conditions remain stable.
