Why these 4 ASX shares have tumbled lower today

The Domino's Pizza Enterprises Ltd (ASX:DMP) share price is one of four tumbling lower on Tuesday. Here's why…

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In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post a strong gain. At the time of writing the benchmark index is up 0.7% to 6,296.2 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:

The Challenger Ltd (ASX: CGF) share price is down almost 8% to $11.48 after the annuities company's full-year results fell short of expectations. The Bloomberg consensus estimate was for normalised profit after tax of $424 million, but Challenger achieved $406 million, which was up just 6% compared to last year. While I like Challenger, I don't see a lot of value in its shares at this level.

The Cochlear Limited (ASX: COH) share price has tumbled 5.5% to $187.90 following the release of the hearing solutions company's full-year results. Cochlear posted a net profit after tax of $245.8 million on sales revenue of $1,351 million. This was an increase of 10% and 9%, respectively, on the prior corresponding period, but just short of the Bloomberg consensus estimate of $246.9 million for net profit after tax. I think the share price decline could be a buying opportunity for patient investors willing to hold on for the long-term.

The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is down 8% to $48.37 after the pizza chain operator's full-year profit fell short of its guidance for a second year in a row. Domino's reported a record full year net profit after tax of $136 million today, 15% higher than last year but short of its 20% growth guidance. Management provided earnings before interest and tax guidance of $227 million to $247 million in FY 2019, an increase of between 22.8% and 33.6%.

The iSelect Ltd (ASX: ISU) share price is down 2.5% to 80 cents. At one stage the price comparison company's shares were down as much as 15% before rebounding strongly. I suspect that the initial reaction was due to the company's results revealing that profits fell 62% year-on-year. However, some investors appear to have looked beyond this because FY 2019 has started positively.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Domino's Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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