It has been a positive day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is up a solid 0.7% to 5,709 points.
Unfortunately not all shares have followed the market higher today. Four in particular have sunk lower and here's why:
The Catapult Group International Ltd (ASX: CAT) share price has fallen 3.5% to $1.70 after posting a statutory full-year loss of $13.6 million. I felt this was a reasonably disappointing bottom line result considering full-year revenue rose 249% to $60.8 million.
The Harvey Norman Holdings Limited (ASX: HVN) share price has tumbled 7% to $4.10 following the release of its full-year result. Although net profit after tax increased 28.8% to $448.98 million, the retailer surprised investors with a cut to its dividend. The final dividend has been cut to 12 cents per share, from 17 cents per share in the second-half of FY 2016. I would avoid the retailer despite how cheap it may appear.
The Reliance Worldwide Corporation Aus P Ltd (ASX: RWC) share price has fallen almost 4% to $3.68 despite there being no news out of the water control systems and plumbing solutions company. I feel today's decline is likely to be related to profit taking. After all, Reliance Worldwide's shares rose very strongly after the release of its full-year results earlier this week.
The Spotless Group Holdings Ltd (ASX: SPO) share price has dropped 6% to $1.06 despite there being no notable news out of the company. Earlier this week Downer EDI Limited (ASX: DOW) advised that its takeover offer had closed with it holding an 87.8% controlling stake in Spotless. It is now only a matter of time until the hostile takeover completes and Spotless is delisted.
