The S&P/ASX 200 index has followed the lead of U.S. markets and started the week on a high. In early afternoon trade the benchmark index is up 0.8% to 6,456.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The BlueScope Steel Limited (ASX: BSL) share price is down a disappointing 9% to $11.13 following the release of the steel producer's full year results and guidance for the year ahead. BlueScope delivered another strong full year profit in FY 2019, but looks unlikely to repeat this in FY 2020. Management warned that it expects its EBIT to be down 45% in the first half due to weaker commodity steel spreads.
The NIB Holdings Limited (ASX: NHF) share price has dropped almost 5% lower to $7.26 following the release of its full year results this morning. As with BlueScope, the private health insurance company delivered a result that was largely in line with expectations, but provided soft guidance for FY 2020. Management expects the company's underlying operating profit to be largely flat this year.
The oOh!Media Ltd (ASX: OML) share price has continued its slide and is down a further 9% to $2.65. The media and outdoor advertising company's shares have been sold off after it downgraded its full year guidance materially late last week. Challenging trading conditions led to oOh!Media cutting its FY 2019 EBITDA guidance from between $152 million and $162 million to between $125 million and $135 million.
The Rhipe Ltd (ASX: RHP) share price is down 3.5% to $2.99 following the release of its full year results. In FY 2019 the cloud channel company posted a 28% increase in sales to $253 million and the doubling of its profit after tax to $6.2 million. And although management expects operating profit growth of 25% in FY 2020, it appears as though some investors were expecting even stronger guidance.
