The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a fantastic start to the week and is notably higher in afternoon trade. At the time of writing the index is up 0.9% to 5,716.5 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 Adairs Ltd (ASX: ADH) share price is down 5% to $1.82 despite there being no news out of the home furnishings retailer. In fact, today's decline is a bit of a mystery given that Morgans released a broker note this morning declaring Adairs as a buy. The broker has an add rating and $2.52 price target on the company's shares. It was pleased with its recent trading update given at its annual general meeting.
The BWX Ltd (ASX: BWX) share price has plunged 14.5% lower to $2.85 following the release of a disappointing trading update out of the personal care products company. BWX advised that its normalised EBITDA in FY 2019 is expected to be broadly in line with FY 2018's normalised EBITDA of $40.3 million. The new BWX CEO Myles Anceschi has blamed the failed takeover. He said: "There has been significant disruption and loss of business momentum at the beginning of FY19 due to the now failed management buyout (MBO) process. The MBO diverted significant management time and resources, and several key projects were delayed resulting in an impact on the business."
The Kogan.com Ltd (ASX: KGN) share price has crashed 31.5% lower to $3.18 after the ecommerce company released a business update. That update revealed a disappointing start to the year due to a surprising 27.4% decline in Global Brands revenue. Management has blamed changes in the GST law effective from 1 July 2018 and "the now apparent avoidance of GST by a number of foreign websites selling into Australia."
The Redbubble Ltd (ASX: RBL) share price is down 11% to $1.49 after returning to trade this morning. Redbubble's shares were halted whilst it sought to raise $52 million at $1.50 per share through an institutional placement and entitlement offer. These funds have now been successfully raised and will be used to fund the acquisition of TP Apparel.
