In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a terrible start and finds itself up by almost 0.2% to 6,032 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they have taken a tumble:
The Beach Energy Ltd (ASX: BPT) share price has dropped 5.5% to $1.28 following the release of its quarterly update. Investors appear disappointed that sales volumes fell 3% quarter-on-quarter to 2,797 kboe. The energy company did, however, benefit from surging oil prices. Beach reported an average realised price of $97.40 per barrel during the quarter, 25% higher than the prior quarter.
The Cann Group Ltd (ASX: CAN) share price has fallen almost 6% to $3.08. Whilst the majority of Australian medicinal cannabis companies have sunk lower today, Cann has been one of the worst performers. The market appears to have been disappointed with its quarterly update which was released this morning. In its outlook management warned of further works that are needed to house new imported strains at its Southern facility.
The Syrah Resources Ltd (ASX: SYR) share price is down almost 3.5% to $3.91. I suspect this could be a delayed reaction to yesterday's quarterly release. In the release management warned that prices for its initial graphite shipments are lower than the basket price inferred by price reporting agencies. Short sellers may be quite excited by this revelation. Syrah has been the most shorted share on the ASX for some time.
The Village Roadshow Ltd (ASX: VRL) share price has fallen a further 3% to $3.56. Yesterday the entertainment company was one of the worst performers on the market following the release of a disappointing trading update. This led to analysts at Macquarie retaining their underperform rating and cutting the price target on its shares to $3.30. I think it is one to avoid.
