In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for another positive day of trade. At the time of writing the benchmark index is up 0.5% to 6,178.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Class Ltd (ASX: CL1) share price has fallen 4.5% to $2.08 following the release of its first quarter update. Investors appear disappointed that Class added just 3,039 accounts during the quarter, lifting the total number of accounts to 172,452. This equates to a rise of 1.8% on the prior quarter. As a comparison, this time last year the company grew its Class Super accounts by 6,232 accounts or 4.4% on the prior quarter. I think its shares are looking very expensive given this current level of growth.
The Pact Group Holdings Ltd (ASX: PGH) share price has plunged 8.5% lower to $3.43. With no news out of the packaging company, today's decline is likely to be attributable to a broker note out of Goldman Sachs. The broker has had a detailed look through the packaging industry and downgraded Pact Group's shares to a neutral rating due to concerns over its growth and strategy. Goldman has also slashed the price target on its shares by 19% to $4.33.
The St Barbara Ltd (ASX: SBM) share price has sunk 4% lower to $3.47. Australia's gold miners have given back the majority of the strong gains they made on Wednesday due to a decline in the gold price overnight. The price of the precious metal tumbled after U.S. bond yields surged higher following the release of positive economic data.
The Syrah Resources Ltd (ASX: SYR) share price has plunged over 8.5% to a 52-week low of $2.13 after the graphite miner provided an update on the damage caused by a fire at its Balama project in Mozambique. The fire has rendered its Primary Classifier inoperable, meaning a return to production is not expected for five weeks. As a result, it has once again downgraded its full year production guidance, this time to between 101kt and 106kt. The company was originally targeting production of between 160kt and 180kt in FY 2018.
