The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having an extremely bumpy session. In afternoon trade the index has swung into the red and is down slightly at 5,800.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The AVZ Minerals Ltd (ASX: AVZ) share price has tumbled 10% to 6.2 cents following the release of the mineral exploration company's quarterly update. At one stage AVZ Minerals' shares were trading at a 52-week low of 5.6 cents. Investors may be concerned that a capital raising will be required soon after the company posted an $8.4 million cash outflow from operating activities. This ultimately left AVZ Minerals with cash and cash equivalents of just $6.5 million.
The Corporate Travel Management Ltd (ASX: CTD) share price is down 21% to $21.78 after returning to trade this morning. The corporate travel management company's shares were placed in a trading halt while it prepared a response to a short seller report. I thought the response was solid and that VGI Partners has been very lucky with the panic selling today.
The Kogan.com Ltd (ASX: KGN) share price is down a further 8% to $2.91. The ecommerce company's shares have come under heavy selling pressure this week following the release of a bitterly disappointing trading update. I suspect that investors are punishing the company now for the heavy post-earnings insider selling and the lack of a trading update prior to that selling.
The Orocobre Limited (ASX: ORE) share price has fallen 5% to $3.19. On Tuesday the lithium miner released its quarterly update. Although that update revealed an increase in the average price of its produce, management warned that prices would be notably lower in the current quarter. Orocobre's shares hit a 52-week low today.
