In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to defy U.S. markets and push higher. At the time of writing the benchmark index is up a solid 0.4% to 6,124 points.
Four shares that failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The A2 Milk Company Ltd (ASX: A2M) share price has slumped 13% to $10.56 after the infant formula and dairy company released its full year sales guidance. According to the update, management expects the company to deliver sales between NZ$900 million and NZ$920 million in FY 2018, up 64% to 67% on FY 2017's result. While this is exceptionally strong growth, it fell short of the market's full year sales expectations of approximately NZ$950 million.
The Afterpay Touch Group Ltd (ASX: APT) share price has given back most of yesterday's strong gains and is down over 5% to $7.05. On Tuesday the payment solutions company's shares rocketed higher after it announced the launch of its U.S. expansion. The Afterpay service has launched online in the U.S. with Urban Outfitters amongst others.
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen in sympathy with a2 Milk Company today. Its shares are down 10% to $17.27 on the back of concerns that it may not live up to the market's lofty expectations as well. I think that investors ought to consider seizing on this share price weakness to pick up shares in Bellamy's with a long-term view.
The CYBG PLC/IDR UNRESTR (ASX: CYB) share price has tumbled 6% lower to $5.49. This follows a 5% decline in its UK-listed shares overnight after the British bank reported its half-year results. Although CYBG delivered a 28% increase in underlying pre-tax profit, investors appear to have focused more on its statutory result which was a loss of £76 million.
