In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a heavy decline and is pushing higher. At the time of writing the index is up 0.1% to 5,882.7 points.
Four shares that have failed to follow the market higher are listed below. Here's why they have dropped lower:
The Kogan.com Ltd (ASX: KGN) share price is down 4% to $2.73 despite the ecommerce company announcing plans to enter the Superannuation market. According to the release, Kogan.com and Mercer have agreed to form an innovative partnership to launch Kogan Super – No Frills Super. It will leverage the company's digital efficiency to be one of Australia's cheapest superannuation options. Judging by the share price reaction, the market doesn't appear overly convinced by the move. Nor am I at this stage, but I'll be watching on with interest.
The Pushpay Holdings Ltd (ASX: PPH) share price is down over 4% to $3.34 following the release of its full year results. Although the payments company reported a sizeable 48% increase in half year revenue to US$44 million, I suspect the market had been expecting Pushpay to outperform its guidance. I do think when the dust settles that it could be worth considering with a long-term view.
The SEEK Limited (ASX: SEK) share price is down 3% to $17.49 despite there being no news out of the job listings giant. This latest decline means that SEEK's shares have now fallen over 22% in the space of two months. I think at this level it is starting to look attractive for investors prepared to make a buy and hold investment.
The Webjet Limited (ASX: WEB) share price has returned from its trading halt and fallen 8% to $11.87. Investors don't appear to have seen enough value in its US$173 million acquisition of Destinations of the World to offset the dilutive effects of the capital raising needed to fund it. While I do think it will boost its B2B business, buying from private equity does pose risks.
