The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a positive start to the week and is up 0.5% to 5,933 points in afternoon trade.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they started the week in the red:
The Citadel Group Ltd (ASX: CGL) share price has fallen 5.5% to $6.77. This morning the technology company reported a 13% increase in revenue to $47.5 million and a 23% lift in net profit after tax to $6.6 million. The company also advised of accounting errors in the prior corresponding period's results. That error meant that revenue was overstated for the prior half-year and was possibly the reason for today's share price decline.
The InvoCare Limited (ASX: IVC) share price has tumbled 7.5% to $14.30 following the release of the funeral operator's half-year results. Although InvoCare delivered a strong first-half result, its guidance for the short-term was weaker than expected and doesn't really justify the premium that its shares trade at. While I think InvoCare is a quality business, I would prefer to buy in at a cheaper price.
The MMJ Phytotech Ltd (ASX: MMJ) share price has dropped 4% to 46.5 cents. This morning the medicinal cannabis company announced that Andreas Gedeon will retire as its managing director and CEO in order to devote his attention to Canada-based Harvest One Cannabis Inc. Jason Conroy will take over from Mr Gedeon on February 26. Investors appear to have been left surprised by the sudden change at the top.
The Woodside Petroleum Limited (ASX: WPL) share price has fallen 7% to $28.91 after the energy company announced the successful completion of its institutional entitlement offer. According to the release, Woodside raised gross proceeds of approximately $1.57 billion at a discount of $27.00 per new share and received strong support from existing institutional shareholders. Over 90% of eligible institutional shareholders elected to take up their entitlements.
