The S&P/ASX 200 index has returned to form and is pushing higher this afternoon. At the time of writing the benchmark index is up 0.4% to 6,732.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Appen Ltd (ASX: APX) share price has fallen 3% to $21.91 despite there being no news out of the language technology company. Appen's shares are not the only ones in the tech sector tumbling notably lower today. In afternoon trade the S&P/ASX 200 Info Tech index is down a disappointing 0.9%. Trade war concerns may be weighing on the tech sector.
The Dicker Data Ltd (ASX: DDR) share price has fallen over 3% to $5.61. This is despite the wholesale distributor of computer hardware, software and related products reporting more insider buying this morning. According to two notices, Vladimir Mitnovetski and Mary Stojcevski picked up 20,000 and 3,500 shares, respectively, this week. Both directors paid an average of $5.70 per share.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has crashed 10% lower to $3.04. This latest decline means the biopharmaceutical company's shares are now down 26% since hitting a 52-week high of $4.12 at the end of last month. I suspect this is down to profit taking from some investors after its incredible rise in 2019. Despite this recent pullback, Paradigm's shares are still up over 200% since the start of the year.
The Zip Co Ltd (ASX: Z1P) share price has fallen almost 3.5% to $3.54. This is despite there being no news out of the payments company this week. Unfortunately for Zip Co, this decline means the company's shares are now trading notably lower than the price it is aiming to raise $10 million at through a share purchase plan. It is seeking to raise this money at $3.70 per share, the same price it raised $60 million at via a share placement at the start of the month.
