In afternoon trade the S&P/ASX 200 index has given back some of its morning gains, but still sits comfortably in positive territory. At the time of writing the index is up 0.3% to 6,668.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Australian Ethical Investment Limited (ASX: AEF) share price is down 3% to $1.72. The investment manager's shares have come under pressure recently after the surprise resignation of its managing director late last month. CEO Phil Vernon said: "…after nine years at the helm I feel now is the right time to hand over to fresh leadership to take Australian Ethical to the next level."
The Bravura Solutions Ltd (ASX: BVS) share price has tumbled 3% lower to $4.64 after it emerged that yet another company was interested in acquiring takeover target GBST Holdings Limited (ASX: GBT). This appears to have ruled out any hopes Bravura Solutions had of acquiring GBST and means the company will have to find another target for the $165 million it raised from institutional investors in May.
The Speedcast International Ltd (ASX: SDA) share price crashed almost 39% lower to $2.13 after the satellite communications company downgraded its guidance. According to the release, Speedcast now expects adjusted calendar year 2019 EBITDA in the region of US$140 million to US$150 million. This compares to its prior guidance of EBITDA between $160 million and $171 million. Management blamed the downgrade on evolving market conditions.
The Webjet Limited (ASX: WEB) share price has edged 2% lower to $13.25 following the release of a broker note out of Morgans. According to the note, the broker has retained its hold rating but trimmed the price target on Webjet's shares to $14.80. It made the move partly due to concerns over the slowing of its B2C business.
