In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is pushing higher once again. At the time of writing the benchmark index up a solid 0.3% to 5,963 points.
Four shares that haven't been able to follow the market higher today are listed below. Here's why they have sunk lower:
The ALS Ltd (ASX: ALQ) share price has fallen almost 9% to $7.44 following the release of its half-year results after the market closed on Monday. Although the testing services company hit the low-end of its guidance, its shares appear to have been priced for outperformance. I would stay clear of ALS until its shares trade on a more reasonable valuation.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down 4% to $11.86 after the healthcare company released its half-year result. Investors appear to believe that its shares are a little expensive given its full-year guidance of net profit between NZ$185 million an NZ$190 million. This will be an increase of between 9% and 12.5% year-on-year.
The Graincorp Ltd (ASX: GNC) share price has tumbled 5% to $8.12. This morning the grains company released its full-year result to the market. Although Graincorp posted a solid full-year profit, its outlook for FY 2018 was very subdued.
The Kathmandu Holdings Ltd (ASX: KMD) share price has fallen 4% to $2.24 after the retailer provided the market with a trading update ahead of its annual general meeting. According to the release, so far in FY 2018 Kathmandu has seen group same store sales decline 1.6% on a constant currency basis. The culprit was its New Zealand business which has seen same store sales decline by 10.3%.
