The S&P/ASX 200 index is on course to finish the week on a positive note. In afternoon trade the benchmark index is up 0.25% to 6,700.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Altium Limited (ASX: ALU) share price has recovered most of its declines and is down just 1% to $35.62. Investors were selling the design software provider's shares this morning following the release of its guidance for FY 2020. Altium confirmed that it expects revenue between US$205 million to US$215 million with an EBITDA margin between 37% to 38%. This is up from revenue of US172 million in FY 2019.
The Boral Limited (ASX: BLD) share price has crashed 6% lower to $4.63. Investors were heading to the exits after the building supplies company identified financial irregularities in its North American Windows business. This includes the misreporting of inventory levels and raw material and labour costs. Management expects this to impact its EBITDA by US$20 million to US$30 million in FY 2020.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled 6.5% to $1.00. This follows the successful completion of its placement to institutional, professional, and sophisticated investors. Bubs raised $30 million before costs, at a price of 95 cents per share. This represents an 11% discount to its last close price. The company is now aiming to raise a further $5 million via a share purchase plan. These funds will be used to take advantage of future growth opportunities and accelerate its customer acquisition in both new and existing markets.
The Jumbo Interactive Ltd (ASX: JIN) share price is down 3.5% to $18.77. Jumbo's shares have tumbled lower despite the lottery ticket seller being the subject of a positive broker note this morning. According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $24.00 price target on its shares.
