In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has pushed higher and is up 0.3% to 6,062.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The Atlas Iron Limited (ASX: AGO) share price has tumbled 7.5% to 3.7 cents after the iron ore producer advised after the market closed on Friday that its credit rating has been downgraded. According to the release, Standard & Poor's rating services has announced a reduction in the company's corporate and senior secured credit rating from B- to CCC.
The Audio Pixels Holdings Ltd (ASX: AKP) share price has fallen 5.5% to $19.10 after the digital speaker developer advised of delays in receiving wafers from its vendor. According to the release, instead of the third week of May, the company expects to receive the wafers during the third week of June. This is because the vendor wished to optimise the final steps of wafer fabrication to further improve pixel yield. While the company could ultimately develop something special, I'm not convinced it will ever be able to justify its massive market capitalisation.
The Ausdrill Limited (ASX: ASL) share price has plunged 28% lower to $1.71 after the mining services company provided an update on its projects. According to the release, the value of the Wodgina project contract is now expected to be approximately half the previously announced $180 million over the initial three years. In addition to this, a recent wall failure at the Super Pit gold mine means that its scope of works has been reduced by 35% whilst its client reviews the longer-term mine planning.
The AVZ Minerals Ltd (ASX: AVZ) share price has continued its decline and is down a further 5.5% to 9.9 cents. The lithium-focused mineral exploration company's shares have come under pressure this month after the viability of its Manono project was called into question. Further pressure was heaped on its share price after its CEO offloaded more than half of his shares shortly after its most recent announcement. I would urge investors to stay well clear of AVZ Minerals.
